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Magic Eden's $5 billion token airdrop has sparked concerns about cryptocurrency wallet security

2024-12-11

The unusual requirement for users to download a dedicated Magic Eden wallet to claim their airdrop raised red flags among industry experts, who cited potential security risks violating best practices. While early trading of the ME token saw a brief, inflated valuation of $15 billion, this quickly dropped to approximately $5 billion as more users claimed their airdrops, highlighting the volatility and potential security vulnerabilities associated with this unconventional distribution method.

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