Starknet’s $20 Billion Airdrop Surge Sparks Controversy Amidst Airdrop Squatting Accusations

Despite controversies, the fully diluted market cap of Ethereum’s much-anticipated layer-2 solution, Starknet, has surpassed $20 billion due to high demand from the airdrop.

On February 20, the developers of Starknet decided to distribute around 700 million STRK tokens out of a total of 10 billion to various entities.

Within the first 90 minutes of the token distribution, 45 million STRK tokens were claimed. As of now, the number of claimed tokens has exceeded 220 million.

There is a group of individuals called airdrop hunters who try to make money by collecting tokens from various airdrops in the hopes that those tokens will increase in value over time. These professional airdrop hunters use scripts to merge multiple addresses into just a few.

In March of last year, it was discovered that a group of airdrop hunters consolidated $3.3 million worth of tokens from the then Arbitrum (ARB) airdrop. They did this by combining tokens from 1,496 wallets into just two wallets that they controlled.

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