CoinMarketCap-led token airdrops ‘infected by fraud,’ crypto project claims

CoinMarketCap-led token airdrops ‘infected by fraud,’ crypto project claims

Two crypto projects 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

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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

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