Premium Invest Hub
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
Popular Topics
  • Occupied West Bank rocked by day of violence as gunmen kill three Israeli settlers and reprisal attacks reported
  • Azerbaijan’s leader accuses Russia of passenger jet crash ‘cover up’ in blistering new attack on neighbor
  • Spanish woman killed by elephant in Thailand while bathing animal, police say
  • US adds Chinese tech giants to list of companies allegedly working with China’s military
  • Bad news for homebuyers in the Northeast and Midwest

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    Premium Invest Hub
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy
    • Investing

    Reddit User Loses $250,000 in ETH to Crypto Airdrop Scam — How Can Investors Stay Safe?

    • January 17, 2024

    Fake crypto airdrops are luring unsuspecting investors with promises of free tokens in order to steal funds. Image by Iftikhar Alam, Vecteezy.

    A Reddit user recently fell victim to an elaborate cryptocurrency phishing scam, losing the equivalent of $250,000 in ether (ETH) after responding to a fake airdrop.

    The scam first came to light when the Redditor posted details of the incident on the social platform last December. In the post, the victim explained that they had 100 ETH deposited into Aave for lending purposes to generate interest. Shockingly, the user then noticed that 100 ETH had been transferred out of their account unknowingly.

    Crypto Scam Transfers 100 ETH to Scammer’s Wallet


    “I am shivering right now,” the post stated. “I had about 100 ETH deposited into Aave for lending to accrue interest and I just noticed that 100 AAVE ETH is transferred out of my account. Please help.”

    The Redditor explained that the theft occurred after interacting with what appeared to be a legitimate Frames airdrop.

    “This was a quarter million dollar life lesson I hope you learn from,” responded one user, urging more caution with fake airdrops. “Chasing pennies into dark alleys with a wallet full of hundreds…”

    Airdrops are common events in which cryptocurrencies distribute free tokens into holders’ wallets. But fraudsters have increasingly used fake airdrops to phish credentials and siphon funds from unsuspecting victims.

    The scammer’s wallet shows a pattern of sending worthless fake tokens to other wallets. But the 100 ETH theft was by far the biggest score for the bad actor.

    Other successful scams linked to the same wallet include smaller amounts of tokens like PEPE, RIO, and PAAL.

    Unfortunately, the Redditor was never able to recover their lost ETH, which is now worth over $250,000. The scammer’s wallet address has since been labeled as “Fake_Phishing270904” to warn other users of its shady activities.

    How Investors Can Stay Protected


    Here are some tips for investors to safeguard crypto assets against theft:

    Avoid interacting with suspicious links or websites
    Use secure and reputable crypto exchanges
    Enable 2-factor authentication on accounts
    Store the majority of holdings in cold storage or hardware wallets
    Keep seed phrases and passwords offline in secure locations
    Be wary of fake airdrops and giveaways
    In case of airdrop hunting, use burner wallets

    As cryptocurrencies become more mainstream, users must exercise added caution against old and emerging crypto scam tactics. Taking preventative measures will help investors avoid the misfortune of the Reddit user who lost a quarter million dollars in ETH. Staying informed and alert is a crypto investor’s best defense.

    The post Reddit User Loses $250,000 in ETH to Crypto Airdrop Scam — How Can Investors Stay Safe? appeared first on Cryptonews.

    Previous Article
    • Investing

    “My Personal Advice is Don’t Get Involved” in Bitcoin, JPMorgan CEO Says

    • January 17, 2024
    View Post
    Next Article
    • Investing

    Revealed: Key Recommendations from US GAO to SEC on Spot Bitcoin ETF

    • January 17, 2024
    View Post

      Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


      By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

      Popular Topics
      • Occupied West Bank rocked by day of violence as gunmen kill three Israeli settlers and reprisal attacks reported
      • Azerbaijan’s leader accuses Russia of passenger jet crash ‘cover up’ in blistering new attack on neighbor
      • Spanish woman killed by elephant in Thailand while bathing animal, police say
      • US adds Chinese tech giants to list of companies allegedly working with China’s military
      • Bad news for homebuyers in the Northeast and Midwest
      Copyright © 2025 premiuminvesthub.com | All Rights Reserved
      • About us
      • Contact us
      • Privacy Policy
      • Terms & Conditions

      Input your search keywords and press Enter.