Airdrop Scroll Manipulation Scheme

Bittime - A new scandal has surfaced in the cryptocurrency world after the founder of Scroll's wallet was accused of manipulation in the SCR token airdrop. With over 1 million marks received, this conjecture attracted great attention from the user and investor community.

The SCR token airdrop announced by Binance recently attracted more than 1.6 million participants via BNB and FDUSD liquidity pools. This initiative is part of Scroll's efforts to distribute their tokens fairly, but recent reports reveal that some of the founders' wallets may be involved in practices that harm users.

Scroll Airdrop Scandal Findings

According to analysis conducted by an on-chain sleuth named Andrew 10 Gwei, Scroll's core team has been airdropping SCR tokens to their own wallets in recent times. Andrew mentioned that the Scroll founder's wallet received between 10,000 to 1 million marks directly related to the SCR airdrop.

“Most of the wallets that have more than 200,000 marks are project wallets: L0, Orbiter, Rhino, Owlto, Relay and others. "This wallet is needed to run their bridge contracts, with tens to hundreds of thousands of transactions," explained Andrew.

Although the SCR token airdrop has not yet taken place, there is a high probability that the founder's wallet will receive the majority of the token allocation provided.

Read Also: What is OGC Airdrop?

Response from the Founding Team

Scroll's founding team led by Sandy and Haichen Shen is now under the spotlight for allegedly attempting to defraud the community through an upcoming airdrop. 

The goal of this airdrop is actually to increase the decentralization of the protocol by giving governance power to users. However, this scandal raises doubts about the integrity of the token distribution process.

Launch Plan and Token Allocation

Binance has announced that SCR tokens will trade with Bitcoin and USDT pairs on their spot platform after the pre-market trading period ends on October 21. The total supply of SCR tokens is estimated at 1 billion, with 15 percent of it allocated for the airdrop. 

Of the total supply, Scroll's contribution will receive 23 percent, while Scroll investors will get 17 percent. The remainder is allocated for ecosystem growth and the Scroll Foundation.

Market Overview

Scroll previously managed to raise $50 million in funding from various leading investors, including Polychain Capital and Sequoia China. The Scroll Network now has a total value locked of around $968 million with a stablecoin market cap of $140 million. 

Some of the prominent DeFi projects running on the Scroll network include the Pencils protocol, AAVE V3, and Tokan Exchange.

With this scandal, the crypto community is now increasingly alert to possible manipulation practices, especially in the token distribution process. The founder's involvement in the airdrop is a warning to investors to always carry out due diligence before participating in a new project.

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