Scam Alert: XRP Competitor Hedera (HBAR) Warns About Fake Airdrop

Hedera (HBAR), a prominent player in the enterprise crypto solutions sector and a competitor to XRP, has taken proactive measures to alert its community about the escalating threat of scam attacks. In a recent social media post, Hedera emphasized its stance on airdrops, unequivocally stating that it does not conduct such activities.

The warning urged followers to exercise extreme caution, steering clear of any messages or links purporting otherwise, as they could be potential traps set by malicious actors.

The prevalence of fraudulent airdrop schemes has emerged as a significant menace in the crypto landscape. Previously, XRP endured its share of these scams, wherein deceptive advertisements promised generous token distributions, only to leave victims empty-handed.

Signal of success

The recurring mention of Hedera and its native token, HBAR, in such nefarious contexts could indicate a burgeoning interest in the project among investors, thereby attracting the attention of opportunistic scammers seeking to exploit this growing popularity.

For example, when XRP won its non-security status in July in the SEC’s case against Ripple and its price soared by 100%, the entire crypto space was flooded with fake advertisements for this popular cryptocurrency.

Recent developments have underscored the increasing prominence of Hedera in the crypto sphere. Notably, the HBAR token witnessed a staggering surge of 76% in value over the past three weeks, coinciding with pivotal announcements.

These include the approval of a substantial allocation of HBAR tokens, exceeding $400 million, to foster the platform’s ecosystem. Additionally, a landmark five-year agreement worth a quarter of a billion dollars was inked with the Ministry of Investment of Saudi Arabia, further elevating Hedera’s profile on the global stage.