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Crypto Giveaways Return With Many of Same Old Risks

  • Airdrops are one of the most popular marketing tools in crypto
  • Bored Ape NFT collectors are being given 150 million ApeCoins
The physical artwork of “Bored Ape #2967” created by Bored Ape Yacht Club, left, and “Mutant Ape #1933” created by Mutant Ape Yacht Club, both available for sale as an NFT, displayed at a CoinUnited cryptocurrency exchange in Hong Kong.
The physical artwork of “Bored Ape #2967” created by Bored Ape Yacht Club, left, and “Mutant Ape #1933” created by Mutant Ape Yacht Club, both available for sale as an NFT, displayed at a CoinUnited cryptocurrency exchange in Hong Kong.Photographer: Paul Yeung/Bloomberg
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The crypto world is abuzz with tales of the virtual fortunes made and lost in recent weeks from the giveaway of ApeCoin, the cryptocurrency tied to the popular Bored Apes NFTs.  

The 150 million “airdrop” of tokens to collectors of the Bored Ape Yacht Club and Mutant Ape Yacht Club projects may seem like a novel way to keep the excitement around the nonfungible tokens going. But it’s a long-time practice in the digital world. And one that doesn’t come without potential pitfalls once the euphoria fades.