Blockchain investigator ZachXBT issued a warning about the Web3 token project, linking it to team members of the notorious Squiggles NFT scam, which defrauded investors of $20 million in 2022. Web3’s controversial deposit-for-airdrop strategy, previously associated with scams, required users to send SOL tokens in exchange for airdrops. This tactic raised suspicions due to prior misuse in fraudulent activities, including the Book of Meme incident. ZachXBT criticized Raichu, a promoter connected to multiple scams, indicating a web of exploitation involving celebrity endorsements. As scams proliferated, he urged the community to avoid the Web3 project to protect their investments.
