Founder of Crypto Wallet Says He Lost $125,000 Worth of Coins After Falling for Fake Airdrop Scam

The co-founder of a crypto wallet says he has been “devastated” by accidentally clicking on a fake airdrop scam.

Nest Wallet co-founder Bill Lou says he recently lost over $123,000 in staked Ethereum (stETH) while trying to participate in an airdrop.

On the social media platform X, Lou shares his story, noting that fell victim to the scheme despite being an expert in wallets and crypto security.

“I’m devastated guys…

I just got scammed out of $125k of stEth while trying to claim the LFG airdrop. And I’m a founder of a wallet startup that’s trying to improve wallet security…

I can’t believe this is happening, I’ve always been so careful. I saw an article guide to the airdrop and follow the link to sign a message. I didn’t even question it….”

Most wallets require that users sign for a transaction before connecting to a particular decentralized application (DApp), which is the last line of defense before bad actors can move assets out of the wallet.

Etherscan data shows that the bad actor sent the stolen stETH to Uniswap (UNI) just minutes later, presumably to trade for other coins.

Says Lou,

“This is the first time I’ve been scammed. I always read about others but you never think it could happen to you…

It looked like such a simple message.

It’s always someone else’s problem.”

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Featured Image: Shutterstock/Brazhyk