Briefly

• the Nansen dashboard indicates that almost 1 billion Arbitrum tokens have been claimed.
•  A fake link was posted on the project’s discord channel.
• On Uniswap, over $24,000 in trading volume was generated by a fictitious ARB token.

On March 23, the Ethereum layer2 scaling solution Arbitrum successfully distributed its tokens to users. Since then, malicious players have been attempting to capitalize on the project’s hype.

On March 25, the phishing link was posted on the Arbitrum Discord Server, as reported by the blockchain security firm CertiK. The con artist claimed that Arbitrum users could “re-claim an additional stake in Arbitrum DAO Governance,” as evidenced by a server screenshot. Users were required to click on a link that incorrectly spelled Arbitrum as “Arbtirum” in order to verify their eligibility and obtain tokens.

Phishing links frequently contain these intentional spelling mistakes because users who are unaware of them are unlikely to notice the difference. The link takes you to a blank page with the phrase “Astaghfirullah,” which means “I seek God’s forgiveness.”

At the time of this writing, it was not clear if anyone’s wallets had been hacked.

Until the Arbitrum team regained control of the server, Certik warned users not to click on any Discord links.

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Scammer Makes $24k From Fake ARB Tokens

On the other hand, according to on-chain sleuth Lookonchain, the decentralized exchange (DEX) Uniswap saw over $24,000 in transaction volume for a bogus ARB token. When trading ARB, the community was advised to exercise caution by the blockchain investigator.

Please confirm whether the contract address is correct before trading $ARB!

A scammer created fake tokens of the same name as $ARB and generated $24.48k in volume on #Uniswap.

The correct address of $ARB: 0x912CE59144191C1204E64559FE8253a0e49E6548https://t.co/qvmcEz82Oh pic.twitter.com/47qvaePkXQ

— Lookonchain (@lookonchain) March 23, 2023

In addition, a number of phishing links have been shared on Twitter, some of which have created bogus accounts so that the Arbitrum Foundation can promote their scams.

Almost 1 Billion ARB Tokens Claimed

As of the time of this writing, data from Nansen indicates that approximately 520,000 addresses have claimed nearly 1 billion ARB tokens. This indicates that only 110,000 addresses out of the eligible 625,143 have yet to claim their tokens. The Arbitrum Establishment said the case period would keep going for a very long time.

According to Arbiscan data, the airdrop’s success increased the network’s transaction volume to an all-time high of 2.7 million, which was double the volume of the Ethereum mainnet on March 23. The airdrop also contributed to the growth of decentralized finance activity on the network. The total value of assets stored on the network increased by fifty percent to $5.83 billion.

In the meantime, Arbitrum’s ARB is currently trading at $1.27, despite a 12.5% decrease in the previous 24 hours. Godleak data indicate that the token is 85 percent lower than its peak price of $11. Early claimants who sold their holdings led to the price drop.