How do you make money from airdrops? And how do you avoid getting scammed?

Airdrops are a big deal in the cryptocurrency space. When I first participated in an airdrop, I had no idea what it was or how much the tokens I was getting were worth. I was new to crypto at the time and saw something on social media saying “free ETH” so I clicked on it and gave my ETH address. It wasn’t anything like that, it was a startup company airdropping their new token. The tokens they were giving out would be worth 0.5 ETH later in the ICO. I got the tokens and later learned that I had 1,000 ERC20 tokens that would have been worth a lot on an exchange.
Since then, I’ve participated in hundreds and thousands of airdrops and made thousands of dollars. I wanted to share my experience in the world of airdrops and the scams I’ve encountered along the way.
What is an airdrop?
The concept of an airdrop is pretty simple. It’s a company “dropping” a small amount of free cryptocurrency into your personal wallet. To benefit from an airdrop, you typically have to register through a Google Form, Telegram bot, or directly on the project’s website. Airdrops often include the opportunity to receive additional tokens by referring others through a unique link. This referral system encourages people to share the airdrop with as many people as possible. Many people learn about airdrops by seeing someone share their link on social media.
Scams in Airdrops
When you first get into the world of airdrops, be aware of some scams. Here are the most common airdrop scams I’ve encountered and how to avoid them.
• Dump Airdrops
Not all airdrops are designed to create value or build community. In a dump airdrop, the developer’s goal is to create a short-term craze for the token so that people rush to buy it when it becomes available on exchanges. Once successful, the developer will quickly sell (dump) all the tokens and make a lot of money. Once they have sold almost all the tokens they can, they disappear and the project goes silent. This is not a straight-up scam, after all, the tokens are real. But their goal is to create a situation where developers can make money from selling tokens that they have no intention of further developing.
The EDOGE in 2017 is a classic example of an airdrop. The developers of EDOGE said they were going to create a version on the Ethereum blockchain to breathe new life into Dogecoin. The project gave out 5 million EDOGE to those who signed up for the airdrop. The developers succeeded in creating a buzz. But when the tokens were released to exchanges, those who received the airdrop found that their tokens were locked, meaning they couldn't send them out. Meanwhile, hundreds of millions of EDOGE were sold to multiple exchanges. Everyone suspected that the developers were selling the tokens they had reserved for themselves. The price of EDOGE quickly dropped to almost zero value. The project was abandoned and the social media accounts were gone.
It's hard to spot if an airdrop is a scam, but a good way to spot if it's a scam is to spend some time looking at the project website and whitepaper. Generally, people who run airdrops don't spend too much time on it, which makes them look superficial.
• Private key scams
Private key scams are completely fake airdrops. They just want you to give them the private key to your wallet. Legitimate airdrops have participants give them the public address of their wallet. But scam airdrops also ask you to give up your wallet's private key. People who don't know much about how crypto wallets work, or don't trust people online, are most likely to fall for this scam.
Avoiding this scam is simple. Never give out your private key for any reason. If someone asks you for your private key, whether it's on a form, on a website, or through a direct message, don't give it to them, because you're dealing with a scam. Airdrops don't require your private key. The only reason someone would ask for your private key is if they want to steal the contents of your wallet.
• Fees for information
Another type of scam airdrop I've come across is one that seeks to collect personal information to either sell to a third party or use later for phishing. These scams claim to give you tokens, but the project is fake. The goal is to get your email address, wallet address, social media information, etc. While a little less dangerous than private key scams, they're still dangerous. I participated in a few of these scams early in my crypto career, and I noticed a lot more phishing emails in my inbox.
The best way to avoid scam airdrops is to research the project behind it.Most projects don’t even have a website, let alone a whitepaper or social media. If a project doesn’t have a website or whitepaper, don’t participate in any airdrops they promote.
• Bait and Switch
I’ve also come across what I call “bait and switch” airdrops. The essence of this scam is to trick you into signing up for something else so that someone else can get referral points. Sometimes the referral is for another airdrop. In this case, you may be asked to sign up for a “partner” airdrop. It’s not really a partner at all. The airdrop form is a clever way for scammers to create referrals. Another version of this scam is to get you to sign up for a specific cryptocurrency exchange so that the scammer can benefit from the referral. Another version I’ve seen is to get you to join a stock speculation group, usually on discord or Telegram. In all of these cases, the common point is that the airdrop is fake and the form is a means to get you to sign up for something else.
Bait and Switch scams don’t cost you money, but they are extremely annoying and a waste of time. They are also difficult to detect because the legitimate airdrops do ask you to join social media accounts or register on the website. Bait airdrops will ask you to register for other projects, open accounts on exchanges, or join discord or Telegram groups that are not clearly for the project behind the airdrop. The best way to avoid these scams is to not participate in any airdrops that require you to register for unrelated projects or social media channels. (Like + follow to avoid getting lost, update hot spots, opinions, logic points, airdrop information)
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