In the dynamic world of cryptocurrency, scams and fraudulent schemes constantly pose a threat to unsuspecting users. One such deceptive ploy making rounds is the “New Paradigm Airdrop,” a fraudulent cryptocurrency scheme cunningly disseminated through social media channels, specifically X (formerly known as Twitter). Let’s delve into the intricacies of this scam, shedding light on its modus operandi, potential consequences, and measures users can take to protect themselves.
The New Paradigm Airdrop Scheme Unveiled
The New Paradigm Airdrop scam hinges on a falsified promotion on X, claiming to be the exclusive Ethereum Layer 2 (L2) with native yield for both ETH and stablecoins. The scammers attempt to bolster their credibility by falsely attributing endorsements from reputable entities like Polychain, BinanceLabs, CoinFund, among others.
To perpetrate their scheme, scammers direct users to a deceptive website, newparadigm-mantanetwork[.]com. This site, masquerading as a legitimate platform, urges users to participate in the supposed giveaway by providing details on acquiring PENTA Yield. The urgency is emphasized, stating that deposit and rewards are set to conclude by the end of January 2024. Users are prompted to enter a code or check eligibility.
The Drainer Smart Contract
The crux of the scam lies in deceiving users into approving a malicious smart contract embedded with a drainer code. By obtaining the user’s approval, the drainer gains autonomy to execute unauthorized transactions. The outcome? Transferring funds from the victim’s cryptocurrency wallet directly into the attacker’s designated wallet address. The scammers’ ultimate goal is to pilfer cryptocurrency funds from unsuspecting victims.
Threat Summary: Deconstructing the New Paradigm Airdrop
- Threat Type: Phishing, Scam, Social Engineering, Fraud
- Fake Claim: Participants will receive free cryptocurrency
- Disguise: Legitimate crypto giveaway
- Related Domain: newparadigm-mantanetwork[.]com
- Detection Names (newparadigm-mantanetwork[.]com): Emsisoft (Phishing), Ermes (Not Recommended), Full List Of Detections (VirusTotal)
- Symptoms: Lack of official verification, unrealistic claims, too good to be true promises
- Distribution methods: X (Twitter), email, compromised websites, rogue online pop-up ads, unwanted applications
- Damage: Loss of sensitive private information, monetary loss
Protecting Yourself from the New Paradigm Airdrop Scam
1. Stay Informed:
Be wary of unsolicited cryptocurrency promotions, especially those making grandiose claims and promises. If an offer seems too good to be true, exercise caution.
2. Verify Legitimacy:
Perform thorough research to verify the legitimacy of any cryptocurrency giveaway or promotion. Check official channels and websites associated with the project.
3. Avoid Unverified Links:
Refrain from clicking on links provided in unsolicited messages or emails. Instead, navigate to official websites independently to verify information.
4. Educate Yourself:
Stay informed about common cryptocurrency scams and fraudulent schemes. Awareness is a powerful defense against falling victim to deceptive tactics.
5. Report Suspicious Activity:
Report scams and suspicious activities to relevant authorities, social media platforms, and cybersecurity organizations. This helps in taking down fraudulent content and preventing others from falling prey.
6. Use Reputable Wallets:
Store your cryptocurrency in reputable wallets and platforms. Avoid engaging with unknown or unverified platforms that may pose a risk to your assets.
As the cryptocurrency landscape continues to evolve, so do the tactics employed by scammers seeking to exploit unsuspecting individuals. The New Paradigm Airdrop scam serves as a stark reminder to remain vigilant, conduct due diligence, and exercise caution in the digital realm. By adopting proactive cybersecurity practices and staying informed, users can fortify their defenses against fraudulent cryptocurrency schemes and protect their hard-earned assets from falling into the wrong hands.