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Berachain airdrop hunters have minted over 1.7 million NFTs as the yet-to-launch project engaged speculators in tasks that may yield free tokens.
Berachain is a layer-1 network powered by proof-of-liquidity and built on the Cosmos SDK, a framework for creating decentralized applications or dapps written in the Go programming language. The protocol also considers itself an Ethereum Virtual Machine-equivalent L1.
The blockchain claims to fully implement the EVM code enshrined in Ethereum’s yellow paper, a technical document explaining Ethereum blockchain design and architecture. An EVM-equivalent protocol is also completely compliant with Ethereum, enabling support for any dapp running atop Ethereum’s mainnet.
Berachain was in its testnet phase at press time and had attracted social media chatter from airdrop hunters looking for the next batch of free tokens.
The protocol released its so-called “Berachain Farming Vol.1 NFT”, spurring trading activity tied to digital collectibles dubbed “Bit Bears” on the popular NFT marketplace Opensea. It’s unclear if both teams are connected.
Bit Bears has seen a 236% increase in volume in the last 30 days and has recorded over 5,831 Ether (ETH) worth roughly $14.9 million in all-time transactions.
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X ad scammers also looked to capitalize on the hype surrounding the EVM-equivalent Cosmos SDK-backed protocol. One user pointed to an advert on Elon Musk’s social network giant aimed at unsuspecting users hoping to farm the airdrop, which Berachain’s team has not confirmed or debunked.
Seeing scam Berachain ads makes me smile and tear up. It’s like seeing bootleg merch of your friend who made it out the trenches and signed the record deal. pic.twitter.com/XhbyutLmgK
— Kits 🌸 (@0x_kitsune) February 12, 2024
These ads are common on X, and scammers constantly attempt to mislead web3 users into granting wallet transaction authorization. Once approved, the scammer can sign transactions and drain the wallet of its value before typically siphoning the funds to a crypto mixer for laundering.
This phishing scam is seen on social platforms as global crypto adoption increases. SlowMist reported 80% of X comments related to phishing software and scammers, while a handful of high-profile entities like Trezor and Ripple have been targeted in these campaigns.
Read more: Fuvo.io shows signs of phishing scam targeting valuable crypto and NFTs