A very common misunderstanding when taking part in cryptocurrency airdrops is that you have nothing to lose. Where in fact, most of the time, you actually do have something to lose.
- Private keys
Some scam airdrops take advantage of some people’s ignorance on how wallets work, by telling them to hand over their wallet’s private keys, effectively giving access of their funds to the scammers.
- Email Accounts
The most common thing that an airdrop(scam or not) asks for.
For the more unethical scams though, they collect their participants’ emails, and either send them spam, or sell the emails they collected to other companies.
- Personal Documents
Some airdrops require the submission of personal identification documents like photos of your driver’s license, passport, birth certificate, etc.
While some legitimate airdrops require the submission of these documents for legitimate reasons like to prevent the abuse by claiming airdrops using multiple emails, most of the airdrops collect personal documents to either sell them or to commit identity theft.
How the scam works
-You see an advertisement on social media or some forums about a cryptocurrency airdrop.
-You sign up for the airdrop, and submit your personal documents.
-The website owner then sells all the personal information and documents they collected.
-Your identity could then already be used for criminal activities.
How to protect yourself
Don’t submit personal details, documents, or your wallet’s private keys to airdrop websites.