The primary, legitimate @Walrus 🦭/acc (WAL) is a decentralized storage protocol developed by Mysten Labs (the creators of the Sui blockchain). It is designed to store large files like videos and images for the Web3 economy.
1. Legitimacy & Background
Developer Credibility: Built by Mysten Labs, a team of former Meta (Facebook) engineers. This adds significant "safety" in terms of technical competence and non-scam status.
Backing: The project raised $140 million in 2025, led by top-tier venture capital firms like a16z crypto, Franklin Templeton, and Standard Crypto.
Institution Trust: As of June 2025, Grayscale launched a Walrus Trust, indicating that the project has passed high-level institutional due diligence.
2. Safety Risks to Consider
While the project itself is legitimate, no cryptocurrency is "safe" from market risks:
Volatility: Like most Altcoins, $WAL can experience massive price swings. It is not a stablecoin.
Early Stage: Although the mainnet launched in March 2025, it is still competing with established giants like Filecoin and Arweave. Its value depends entirely on people actually using it for storage.
Smart Contract Risk: Even with audits (HackenProof has hosted bug bounties for them), bugs in new code can lead to exploits.
3. Red Flags & Scams (Important)
There are often "copycat" coins with the same name. To stay safe:
Verify the Chain: The real #walrus is native to the Sui blockchain. Be extremely cautious of "Walrus" tokens on other chains like Ethereum or Solana unless they are officially bridged versions.
Check the URL: Only use the official site (walrus.xyz) for airdrops or staking. Scammers often use fake "Walrus Airdrop" sites to drain wallets.
Liquidity Warnings: Some exchanges (like CoinSwitch) have flagged certain "Walrus" tokens on Solana as having "low liquidity," which can make it hard to sell your coins.
