Cryptocurrencies, blockchain, NFT and new trends

Scam Alert: Mysten Labs Warns of Token Spam on Sui Wallets

Mysten Labs has issued a warning to members of the public about an ongoing scam on Sui Wallets.

According to the Web3.0-focused startup, unauthorized transactions were noticed in some Sui wallets with spam coins being dropped. Therefore, users have been asked to be careful when interacting with unfamiliar objects in their wallets. In the meantime, Mysten Labs is trying to fix any likely security breach in the wallets.

One crypto Twitter user shared a screenshot of the message which he received telling him that he had won 1000 SUI and would need to claim the token. Another Twitter user identified as Kingsamiami suspect that a member of the Sui development team may have had hand in the breach as it was not meant to happen in the first place.

Sui Network Launched its Mainnet Now Live

The highly scalable layer 1 blockchain Sui Network which was designed by Mysten Labs launched its mainnet about two weeks ago. Almost immediately, the blockchain protocol debuted a native token to be utilized in four ways including staking, gas fee and governance. Later, the token got listed on top cryptocurrency exchanges including Binance, OKX, Bybit, Kucoin and Upbit, the most recent. The total supply of the Sui token was recorded to be 10 billion. 

The Sui development team also promised that in the long run, over 200 decentralized applications (dApps) including Non-fungible tokens (NFTs),  Decentralized Finance (DeFi), and gaming would go live on the protocol. In April, rumors about a possible Sui token airdrop began to make rounds. However, Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs debunked the hearsay. 

Cardano Price Analysis Signal Multiple Signs of Bullish Recovery; Will ADA Hit $0.5 Before May End?24/7 Cryptocurrency News SUI Price Analysis: New Bullish Pattern Emerged Sets SUI Price for 16% Rally; Buy Today?24/7 Cryptocurrency News Solana Price Analysis: Multiple Resistances Pressurize SOL Price for 10% Downfall; Sell or Hold?24/7 Cryptocurrency News Bitcoin Price Reversal from Monthly Support Hints 5% Rise, But There’s a Catch24/7 Cryptocurrency News Dogecoin Price Analysis: Will DOGE Price Hit $0.1 Mark Before May 2023 End?24/7 Cryptocurrency News

Based on his response, there is no Sui airdrop in the meantime and the protocol has no plan of organizing one in the future. The only distribution acknowledged by the protocol was the 20% allocation for early donors but this was not to imply any public airdrop. At the same time, the Sui community members were still optimistic that an airdrop may happen soon.

Currently, it seems like scam coin developers have capitalized on this optimism and have begun to roll out scam tokens into their wallets.