- Stellar Development Foundation cancels 2 billion XLM airdrop
- The SDF and Keybase called it quit after the platform was attacked by hordes of fake accounts
Stellar Lumens News Today – Airdropping campaign is one of the few ways crypto projects increase the popularity of their tokens and increase their fan base. They also use this medium to reward their loyal followers and supporters. Recently, the Stellar Development Foundation announced an airdropping campaign of 2 billion XLM tokens. Nevertheless, according to a report, the SDF seems to be backing out of the campaign.
Stellar Development Foundation Cancels 2 Billion XLM Airdrop
According to a recent report, the SDF will not be airdropping 2 billion XLM tokens. Via a blog post yesterday, the Stellar Development Foundation and Keybase, announced the cancellation of the airdrop campaign after being attacked by ‘hordes’ of fake accounts. The SDF said:
“This month will be our last of the Stellar Space Drop. On the week starting Dec. 15, we will distribute the final 100 million Lumens among all qualifying members.”
Back in September, the SDF unveiled its biggest airdrop to date, worth more than $120 million at that time. The foundation collaborated with Keybase – a file sharing and messaging app – to distribute the funds over a period of 20 months to verified users on the platform. Every verified user was eligible to up to $500 in XLM.
Stellar (XLM) Price Today – XLM / USD
Keybase Was Forced to Pull the Plug Because of Fraudulent Sign-Ups
Both Keybase and the Stellar Development Foundation got a lot of press from the promotion. Stellar received coverage from all the top digital currency publications. Whereas, the userbase of Keybase increased by more than 25 percent, as it saw tens of thousands of new sign-ups. However, Keybase said that fraudulent signups overwhelmed their capacity of verifying accounts. As a result, they were forced to pull the plug.
They said that the airdrop program mostly worked, but the cancellation will leave many feeling duped. Keybase said that the SDF did say it “has the right to end the giveaway whenever it wants” at the beginning of the campaign. The final tally, after promising an airdrop of 2 billion XLM, will total only 300 million XLM, worth about $16M.
Meanwhile, the remaining treasury of the Foundation still represents more than 30 percent of the total token supply, a major point of centralization. The Stellar Development Foundation has not said anything about the remaining 1.7 billion XLM tokens since only 300 million XLM tokens were given out.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.