The Wormhole (CRYPTO:W) token experiences a sharp 26% decline following an airdrop frenzy, distributing 617.3 million W tokens to over 400,000 wallets during a crypto market downturn.

Despite the initiative's aim to reward early adopters within Solana (CRYPTO:SOL) and Ethereum (CRYPTO:ETH) ecosystems, scammers exploit the airdrop's popularity, leading to a surge in phishing scams.

Major exchanges listing the W token contribute to a trading volume surpassing $1.6 billion, reflecting significant market interest but overshadowed by phishing threats.

Warnings from on-chain sleuths highlight the sophistication of phishing schemes targeting the Wormhole airdrop, emphasising the urgent need for enhanced cybersecurity measures and investor vigilance amidst rising crypto scams.