What is a crypto airdrop? Free tokens and the scams around them
By SendPay Business · · 2 min read
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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.
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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.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
What could my own crypto exchange earn?
Work out trading fee and spread income from your own customers and trades.
Crypto exchange business calculator →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.