CoinMarketCap-led token airdrops ‘infected by fraud,’ crypto project claims
A crypto project claims a promotional token airdrop campaign led by CoinMarketCap was riddled with "fraud" that left its token price crumbling. Two crypto project s have cried foul play over promotional airdrops conducted by CoinMarketCap (CMC) on their behalf, which they allege was "gamed" for the benefit of a small group of exploiters. These promotional airdrops — designed to be distributed to thousands of wallets to raise awareness of a crypto project — ended with the tokens funneling to just a handful of wallets, suggesting potential manipulation of the system. SATT token drop Blockchain advertising solution SaTT alleged to Cointelegraph that a promotional airdrop it paid CMC to conduct in Dec. 2022 ended with 84% of the airdropped tokens funneling to just 21 wallets. The promotion was meant to see 25,000 winning wallets receive 4,000 SATT each, worth $6.30 at the time per CoinGecko data. However, SaTT claimed that shortly after the airdrop was distributed, 2...