Stellar, Keybase Terminate Remainder Of 2 Billion XLM Airdrop Citing Too Many Fake Accounts

Stellar and Keybase recently announced that the ongoing 2 billion Lumen airdrop will be terminated as from mid-December. This is in the wake of fake accounts which have flocked the Keybase platform to obtain a larger chunk of the airdrop.

According to a blog post by Keybase, the final 100 million Lumens will be released to deserving participants from 15th December. This will raise the total number of tokens released to 300 million; an equivalent of $16 million in value. Initially, Stellar Development Foundation and Keybase had committed 2 billion tokens which at that time was valued at $120 million.

The plan was to distribute the 2 billion Lumens over a course of 20 months beginning September 2019. SDF and Keybase have however stood ground that they have no interest in rewarding the fake accounts with $500 worth of XLM tokens as per the airdrop promotion. In addition, Keybase which operates as a sharing app for messages failed to meet the verification capacity as the number of fake registered accounts skyrocketed.

This move by SDF and keybase is within the rights of the airdrop; the former had the option to terminate the giveaway as early as the promotion began. As it stands, only legitimate registered clients will receive a share of the 100 million XLM tokens ignoring the large number of new ‘fraudulent’ accounts on Keybase.

Although the precautionary measure suits SDF, some participants might feel like the foundation gave them a promise they could not fulfil. Furthermore, the XLM network decentralization is still in question given the SDF treasury still controls over 30% of its native tokens.

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