The CEO and co-founder of Nest, a security-focused cryptocurrency wallet service, lost $125,000 worth of stETH tokens to a phishing attempt when attempting to claim what he believed to be a legitimate airdrop.
Yesterday, the LFG (LFG stands for “less fees and gas”) token airdrop was announced to onboard Ethereum users to the Solana blockchain. It rewards users who have paid more than $4,269 in transaction fees since 2016.
Lou was one of the prominent victims of a bogus website that appeared to steal users’ money and looked much like the actual LFG token.
Lou reached the hoax website by clicking on a link from an article at the top of a Google search. “I saw an article guide to the airdrop and followed the link to sign a message. I didn’t even question it,” Lou said.
He claimed to have a “test version installed and was fixing some bugs,” therefore he was utilizing MetaMask rather than Nest to make claims. Lou continued, The wallet would have caught it if he had used his product.
The project behind LFG acknowledged the problem by posting, saying, “We are aware of several scam accounts impersonating us and are reporting them. Please do the same and help protect your fellow users,” made clear by the official X account and website details.
The project states that 387,000 wallets that meet the requirements will get an airdrop of 400 billion LFG, with any unclaimed tokens being burned within a month.
To date, about 25,000 users have used Solana to claim LFG tokens. According to a different X post, 60% of the 1 trillion LFG token supply is reserved for airdrops, 10% goes to early donors, 6% to providing liquidity, and 24% to the company’s treasury.
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