Arbitrum DEX Trading Volume Hits ATH Despite Fake Airdrop Scams

Decentralized exchange (DEX) transaction volume on Arbitrum hit a weekly all-time-high of $2.62 billion after climbing 34.5% over the last seven days, making it the leading Layer-2 solution for DeFi activity. This surge in volume coincides with increasing warnings about fraudulent schemes targeting the upcoming ARB token airdrop.

Ethereum layer-2 scaling solution Arbitrum’s upcoming “ARB” token airdrop appears to have become a popular target for scammers, with the community warning of widespread phishing attempts. Fraudulent websites claiming to run Arbitrum airdrops have surfaced to steal crypto from victims. They promise free token rewards if users connect their wallets, but this is a trap to drain your assets.

Recently, the Arbitrum community has posted warnings to investors about the possibility of scammers generating fake Arbitrum airdrops. This tactic is popularly known as phishing. Ethereum layer-2 scaling solution Arbitrum's upcoming ARB token Airdrop appears to have become a popular target for scammers, with the community warning of.

Redefine, a blockchain security firm, said on March 19 that it has identified a website faking the real Arbitrum airdrop website. Screenshots show that the website requests wallet connection, a clear sign of a phishing attempt. Scammers started creating fake Arbitrum airdrops and phishing websites after the Ethereum layer-2 scaling protocol announced the DAO last week while promising to give away free tokens.

Stay Safe: How to Avoid Arbitrum Airdrop Scams

Be extremely cautious of any website claiming to offer free ARB tokens. Always verify information through official Arbitrum channels. Never connect your wallet to unverified websites. Remember, if it seems too good to be true, it probably is. Focus on the growing Arbitrum DEX trading volume and legitimate DeFi opportunities, but stay vigilant against these prevalent scams.