{"id":16204,"date":"2023-01-10T03:56:30","date_gmt":"2023-01-10T03:56:30","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/coinmarketcap-led-token-airdrops-infected-by-fraud-crypto-project-claims\/"},"modified":"2023-01-10T03:56:32","modified_gmt":"2023-01-10T03:56:32","slug":"coinmarketcap-led-token-airdrops-infected-by-fraud-crypto-project-claims","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/coinmarketcap-led-token-airdrops-infected-by-fraud-crypto-project-claims\/","title":{"rendered":"CoinMarketCap-led token airdrops \u2018infected by fraud,\u2019 crypto project claims"},"content":{"rendered":"
Two crypto projects have cried foul play over promotional airdrops conducted by CoinMarketCap (CMC) on their behalf, which they allege was “gamed” for the benefit of a small group of exploiters.<\/p>\n
These promotional airdrops \u2014 designed to be distributed to thousands of wallets to raise awareness of a crypto project \u2014 ended with the tokens funneling to just a handful of wallets, suggesting potential manipulation of the system.<\/p>\n
Blockchain advertising solution SaTT alleged to Cointelegraph that a promotional airdrop it paid CMC to conduct in Dec. 2022 ended with 84% of the airdropped tokens funneling to just 21 wallets.<\/p>\n
The promotion was meant to see 25,000 winning wallets receive 4,000 SATT each, worth $6.30 at the time per CoinGecko data.<\/p>\n
However, SaTT claimed that shortly after the airdrop was distributed, 20,953 wallets \u201cautomatically transferred the tokens to 21 wallet addresses\u201d which then sold off their token holdings days later around Dec. 10, netting around $142,000 for those 21 wallet owners. <\/p>\n
The sell-off plunged the price of SATT by 70% between the end of the airdrop on Dec. 1 to when the wallets sold their tokens on Dec. 10.<\/p>\n