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The cryptocurrency and blockchain world is full of opportunists, and the recent Arbitrum DAO Governance airdrop proved this fact. Following the recent Arbitrum airdrop, a hacker offered “the chance to reclaim an extra share in Arbitrum DAO Governance” on the platform’s Discord channel, citing issues during the initial token claim drive.

However, the malicious player was exposed as the announcement contained a link designed to scam users out of their private keys and other sensitive information. Meanwhile, CetriK, a security firm emphasizing blockchain technology, had warned that a malicious phishing link could spread through the Arbitrum Discord server.

Furthermore, the URL in the hacker’s announcement included a typo of “Arbtirum” instead of “Arbitrum” – a tactic often employed in phishing attacks. Once clicked, it could lead users to a fake website requiring private wallet keys or other personal information.

However, people who clicked on the fake Arbitrum link were redirected to an empty website with the statement “Astaghfirullah,” meaning “I ask for God’s forgiveness.”

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Rising Cases Of Cryptocurrency Phishing Scams 

Phishing scams are a common occurrence in the world of cryptocurrencies. These scams involve cybercriminals posing as legitimate entities, such as cryptocurrency exchanges or wallets, to steal sensitive information from unsuspecting victims.

One of cryptocurrency’s most well-known phishing scams is the MyEtherWallet (MEW) scam. In 2019, attackers created a fake MEW website that looked identical to the real one and sent emails asking users to log in to their accounts.

Once users enter their login credentials on the fake website, the attackers could steal their private keys and gain access to their wallets. Cyber security reports say this hacking method accounts for 55% of all cryptocurrency thefts.

This highlights the importance of being vigilant and cautious when dealing with cryptocurrency exchanges and wallets. Until more information is made available from Arbitrum, it is highly recommended that investors remain wary of any potential activity.

As fraudsters may attempt to take advantage of the excitement, investors must be vigilant and not tempted by unrealistic promises and misrepresentations.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.