Arbitrum, Ethereum’s layer-2 scaling solution, is gearing up for a token airdrop that will send out 10 billion governance tokens to holders, allowing them to vote on code changes. The airdrop, set for March 23, has unfortunately become a popular target for scammers looking to steal funds from unsuspecting victims ahead of the event.

The community has been warning of hundreds of phishing scams aimed at tricking crypto users into handing over their funds. Blockchain security firms, Redefine and CertiK, have identified fake Arbitrum websites and Twitter accounts advertising the token airdrop. Meanwhile, Reddit users have been advising everyone to check a user’s profile and history before clicking on shared links.

Web3 anti-scam tool Scam Sniffer has detected more than 273 phishing sites related to Arbitrum since the token airdrop was announced, with the number expected to rise before the official drop.

The Arbitrum Foundation used a points system to determine who could claim tokens in the airdrop and how many they could claim. Qualifying actions included completing transactions, bridging funds into the Arbitrum One chain, and depositing liquidity into Arbitrum.

Blockchain analytics firm Nansen revealed that out of more than 2.3 million wallets bridged on the Arbitrum One chain before Feb. 6, only 625,143 are eligible for the airdrop.

If you’re planning to participate in the upcoming Arbitrum token airdrop, be cautious and take steps to protect your funds. Don’t interact with any fake websites or Twitter accounts advertising the airdrop. Check the user’s profile and history before clicking on any shared links. And remember, if something seems too good to be true, it probably is. Stay safe!