Over 1.7 million NFTs minted by Berachain’s initial backers
Airdrop hunters participating in the Berachain project have already generated more than 1.7 million NFTs, even though the project has not yet officially launched. Berachain is a layer-1 network that operates on the Cosmos SDK, a framework for creating decentralized applications (dapps) using the Go programming language. The protocol is designed to be equivalent to the Ethereum Virtual Machine (EVM) on Layer 1.
Berachain claims to have fully implemented the EVM code outlined in Ethereum’s yellow paper, which is a technical document explaining the design and architecture of the Ethereum blockchain. By being EVM-compatible, Berachain can support any dapp that runs on Ethereum’s mainnet.
Currently in its testnet phase, Berachain has attracted attention from airdrop hunters who are eager to obtain free tokens. The project recently released its “Berachain Farming Vol.1 NFT,” which has sparked a surge in trading activity for the digital collectibles known as “Bit Bears.” These Bit Bears can be found on the popular NFT marketplace, Opensea.
The trading volume for Bit Bears has increased by 236% in the last 30 days, with over 5,831 Ether (ETH) worth approximately $14.9 million being transacted so far.
However, scammers have also taken advantage of the excitement surrounding Berachain. One user pointed out an advert on Elon Musk’s social media platform that targeted unsuspecting users hoping to participate in the airdrop. The Berachain team has not confirmed or denied any involvement with these ads.
Phishing scams like these are common in the crypto space, as scammers aim to deceive web3 users into granting transaction authorization. Once granted, scammers can sign transactions and drain the value from users’ wallets, typically sending the funds to a crypto mixer for laundering.
As global crypto adoption continues to rise, phishing scams on social platforms have become more prevalent. SlowMist, a cybersecurity firm, reported that 80% of comments on X (a social platform) are related to phishing software and scammers. Even high-profile entities like Trezor and Ripple have been targeted in these campaigns.
As always, users should exercise caution and be vigilant when participating in crypto-related activities to avoid falling victim to scams.
