It's not a scam but it's definitely spamming users with their tokens who don't have any interest dealing with those coins.
Having being a part of their campaign earlier, this marketing scheme is not ethical. They should have had an airdrop campaign instead so tokens would be sent after users authorizing to receive them.
I occasionally get some worthless shitcoins of seemingly dead projects in mew, but this is the first time for me to experience something like this from project that is listed on the exchange with some trading volume. That's why i was so surprised, but seems like people massively fall for it, sharing referral link left and right.
The token's price pumped few days ago and now there's almost a 50% dump in the price.
Pump&dump scheme in this case is obvious, as chances of project like this to gain and loose so much in the matter of few weeks and to be completely legit are none to zero.
I also doubt that this is the last pump&dump cycle with this shitcoin.
To trade on some exchange, you have to trust them to some degree, and i honestly think that their practices won't have the effect that their are aiming for, as all this can only make me distrust them and never touch their exchange.