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Identity forgery suspect captured in StarkNet airdrop scam

Policy & Regulation·May 03, 2024, 7:49 AM

Chinese authorities have apprehended an individual suspected of identity forgery in connection with the StarkNet (STRK) airdrop. The suspect, identified as Lan Mou, allegedly assumed the identities of others to submit false Early Community Member Program (ECMP) airdrop forms. Through this scheme, the suspect claimed over 40,000 STRK tokens that originally belonged to the victims.

 

After successfully claiming the tokens, the suspect transferred them to an OKX wallet. Subsequently, the tokens were converted into over $91,000 worth of Tether, as reported by local media on April 30.

 

Lan Mou was apprehended by police in Guangdong Province on April 25. Authorities seized a computer and two mobile phones during the arrest.

https://asset.coinness.com/en/news/4f5c1dd4397aab4bca04f01a44748674.webp
Photo by Tamara Gak on Unsplash

Unprecedented scale of identity theft

While cryptocurrency scams and phishing attacks are prevalent, the scale of identity theft observed in this case is unprecedented. The suspect's method involved claiming airdrops using stolen identities, marking a novel approach to fraudulent activity in the cryptocurrency space.

 

A crypto airdrop is a method used to distribute new cryptocurrency tokens, typically targeting early users who engage with a specific protocol. In the case of the StarkNet Foundation's airdrop, which launched on Feb. 20, a total of 700 million STRK tokens were distributed to various participants, including Ethereum solo and liquid stakers, Starknet developers, users, external projects and developers within the Web3 ecosystem.

 

Concerns raised by developer

Following the StarkNet airdrop, concerns were raised by pseudonymous Yearn.finance developer Banteg regarding the eligibility criteria. Banteg warned that the eligibility list mainly consisted of airdrop squatters, individuals who exploit airdrop opportunities for financial gain. These individuals often control multiple addresses to maximize their rewards.

 

This incident is not the first instance of airdrop exploitation. In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the Arbitrum (ARB) airdrop into just two wallets, highlighting the prevalence of such fraudulent activities within the cryptocurrency community.

 

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