What is a crypto airdrop? Free tokens and the scams around them
By SendPay Business · · 2 min read
A crypto airdrop is when a project sends free tokens to people's wallets, usually to reward early users or spread ownership of a new token. Some airdrops have been worth real money, which is exactly why scammers copy them.
Why projects do airdrops
Airdrops can reward people who used a service early, spread a new token widely, or give holders a say in how a project is run. Qualifying often depends on using the project before a certain date.
Common airdrop scams
- Fake sites asking you to connect your wallet and sign a transaction that drains it.
- Messages asking for your seed phrase to claim tokens.
- Unknown tokens that appear in your wallet and lead to a scam site when you try to sell them.
Staying safe
Only use links from a project's official channels, never share your seed phrase, and be wary of signing transactions you don't understand. HMRC may treat airdropped tokens as taxable in some cases, so keep records.
Where SendPay fits
SendPay crypto exchange platforms let your customers buy, sell and hold crypto under your own brand, with assets held with regulated partners, and you set your own trading fee.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.