Arbitrum has suddenly emerged as the talk of the crypto-town. The upcoming airdrop of the ARB token has put the network under the spotlight. The interest in the token has further boosted the DEX trading volume of Arbitrum.
According to data from Llama Fi, the trading volume of the DEX has surged by a whopping 32%. The weekly volume of the network has been hitting a high for two consecutive weeks now and it is currently at $4.34 billion.
In addition, the Arbiturm network went on to beat Binance’s BSC chain. The network stands second to Ethereum whose weekly volume is at $23.44 billion.
As mentioned earlier, this surge was attributed to the hype around the imminent airdrop. An astounding 10 billion governance tokens will be sent out through the airdrop. The event is expected to take place on March 23. However, the fanfare around this was fetching certain unfavorable attention as well.
Fake Arbitrum airdrops take front stage
The Ethereum layer-2 scaling solution has fallen under the purview of scammers. Phishing scams to trap naive investors were surfacing all over crypto Twitter. The development has prompted several efforts by con artists to put up phony token airdrops intended to defraud victims of their money before the officially scheduled event.
In a post on March 19, the blockchain security firm, Redefine said that it has discovered a website pretending to be the official Arbitrum airdrop website.
The website asked a user to further provide access to their funds, as seen in the screenshots, which would probably lead to the fraudsters emptying the user’s wallet. This wasn’t all. Security firm Certik also warned users of a fake Arbitrum account that was most likely started by ill-doers.
Therefore, users were advised to stay alert. All in all, investors were urged to check the profile and history of a Twitter account before opening spam links and pouring their funds into the hands of perpetrators.