A Series of Incidents Surrounds W Tokens and Solana

By: Isha Das

Multiple incidents have recently impacted the crypto industry— notably, the mishap concerning the airdrop of Wormhole's native W tokens and a series of dubious activities around NFT projects on Solana. For Wormhole, the perpetrator behind the 2022 hack was momentarily eligible to receive a significant amount of W tokens during their airdrop. Despite this mishap being corrected, the airdrop event attracted significant attention from malicious players spreading phishing links about the event, compromising accounts.

Simultaneously, an alleged hack took place concerning an NFT project on Solana. The NFT project's former CTO claimed he was a victim of a hack. Suspecting foul play, on-chain investigator ZachXBT investigated the incident. The investigator claimed that the CTO had misrepresented the theft and had appropriated the funds for personal use. As community scrutiny grew, the CTO disappeared, leaving the future of the NFT project uncertain.

Meanwhile, W tokens saw a decline in valuation shortly after launch. Despite the initial drop, several major exchanges have listed the token, pushing its trading volume into the top 10 of the most traded assets in the past day.