Solana marketing ploy leads to proliferation of scams

Promise of a token airdrop to reward heavy users of Ethereum if they try Solana, becomes fertile ground for fraud


INelson/Shutterstock modified by Blockworks


Solana advocates like to drive home the merits of relatively cheap transaction fees on the blockchain, especially in relation to gas paid in ether, on Ethereum mainnet.

A new marketing campaign tokenizes that narrative in the form of LFG, or LessFnGas, which launched on New Year’s Day.

The project targets Ethereum users who have spent at least 2 ether (ETH) in gas fees, offering them LFG tokens through an airdrop. Holders of eligible wallets can specify a Solana address to receive the newly created token.

As of 9 am ET, the project said on X that more than 45,000 wallets had claimed the LFG token.

But while the airdrop itself was promoted by Solana co-founder Anatoly Yakovenko, scammers quickly sprung into action, setting up fake versions of the legitimate domain and seeking to phish unsuspecting claimants, often via replies in related threads on X.

Read more: The 5 biggest DeFi hacks of 2023

Bill Lou, co-founder of Nest wallet, reported linking to a Medium post which led him to inadvertently sign a transaction that drained 52 stETH (approximately $125,000).

Loading Tweet..

Each post on X from the official account has scam account replies seeking to take advantage of inattentive airdrop hunters.

LFG, which currently has no utility, was trading at around $0.00007 as of 12 pm ET, making a successful claim worth around $30.

While overtly pitched as a way to onboard some Ethereum users, the dismissive tone of the campaign has alienated others.

“We understand that ETH has led the way for many years,” LessFnGas wrote. “The fact of the matter is, the tech is outdated and for things to move forward, something must be left behind.”

Read more: The 3 biggest DeFi innovations of 2023

The team of 10, which is not disclosed, has reserved for itself 10% of the 1 trillion tokens created (currently worth about $7 million), and promises a second airdrop for those claimants who supply liquidity for the token on decentralized exchanges.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png


ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.


The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors


Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts


North Korea suspected in breach of Indian exchange’s multisig wallet


Plus, Sanctum’s CLOUD token has officially launched — but not without problems


It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.