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The “Sleepdrop,” a new cryptocurrency scam, puts your ETH in danger

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The “Sleepdrop,” a new cryptocurrency scam, puts your ETH in danger



  • the Forta community has issued a warning about a new cryptocurrency scam that has thousands of users affected.
  • Users’ wallets are suddenly filled with tokens that appear to be from legitimate contracts but are actually fake tokens.
  • Forta has issued a warning to users not to interact with suspicious airdropped tokens and has announced a bounty to detect Sleepdropping.

The “Sleepdrop” is a new type of cryptocurrency scam that has affected a lot of users, according to Forta network members. Users’ wallets contain unanticipated tokens from a contract that appears to be legitimate in the scheme. Users who do not avoid receiving such airdropped tokens face serious danger.

The Sleepdrop was mentioned in a tweet that the Forta network sent out on Thursday. Forta claims that this fraud uses a method similar to “sleepminting” of NFTs to mimic the appearance of genuine tokens. However, the bad guys only care about ERC-20 tokens. Up until this point, the con artists have imitated tokens from Uniswap, Chainlink, Lido, Circle, and others.







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Forta Announces a Bounty to Thwart Sleepdropping

The con artists distribute the bogus token to multiple individuals in order to deceive users who are unaware of their existence. The tokens appear to have come directly from the genuine contract as a result of this transfer.

Users sign a transaction that appears to link them to a decentralized application (Dapp) when they connect their wallet to the website. However, the users are not aware that this transaction actually calls the contract’s connect function, transferring a small amount of ETH.

The smart contract will then steal ETH from the victim’s wallet using an ice phishing attack to trick victims into exchanging their new tokens for the main tokens.

Forta, a real-time blockchain activity monitor and Web3 security solution, was the first to spot the con. A decentralized network of independent node operators monitor transactions and block changes for potential threats make up the network.

The Forta community has compiled a risky list of Sleepdropper addresses and scam URLs since the discovery. It announced a bounty on Friday to find Sleepdropping. The Forta Foundation will pay for the initial costs of deploying the Bot, which include stakes. The FORT token will be used to pay out the prize.

Vipkhoone spoke with Ivan Spanier, a member of the Forta Foundation and the person who found the Sleepdrop scam. Spanier discussed the dangers that this new kind of fraud carries. According to Spanier, the con is “uniquely insidious.”

“In almost all cases, interacting with a Sleepdrop contract results in the loss of native tokens. To be clear, airdrops must always be claimed from official websites and verified contracts, Spanier stated.

He added, “Users should not, under any circumstances, interact with such airdropped tokens, even if it appears to have been sent by the official team.”




Crypto Crime Still Less Than 1% of Total Volume

Swindlers use a variety of strategies to steal your cryptocurrency, including this novel type of attack. However, despite the constant emergence of threats, you remain relatively secure.

Illicit transaction volume hit a record high of $20.6 billion in 2022, according to the 2023 Chainalysis Crypto Crime Report. achieving growth for the second year in a row despite the decline in the market.

However, it’s important to note that illicit activity in the cryptocurrency space represents less than 1% of total transaction volume. Additionally, while a significant increase took place this year, the proportion of crypto-related crime is actually decreasing over the long term.


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