NEXT, one of the prominent airdrop events of the week, was overshadowed by the $ 38,000 sybil attack. The attack caused the altcoin project’s website to crash.
Altcoin investors flocked to the NEXT airdrop event
According to the report, the NEXT airdrop saw participation from as many as 57,000 unique wallets in a short time. The airdrop was limited to one request per wallet. But one pirate managed to overcome this obstacle. With the wallet he created just four hours after the start of the airdrop event, he filtered more than 200 requests for him. He made a profit of $38,000 using the method known as the Sybil attack.
Connext founder Arjun Bhuptani reportedly said the wallet took the airdrop UI offline by sending a large number of requests. According to the findings, the attacker quickly converted the tokens obtained through airdrop into ETH and UDST. The altcoin earned thousands of dollars within hours from the airdrop event.
No, it's a Sybil bot.
This is also likely the reason why the claim UI is down – this bot spammed an absurd number of requests to tokensoft's backend and took down their API
— Arjun 🏴 (@arjunbhuptani) September 5, 2023
A Sybil attack is a type of malicious cyber attack in which an attacker masquerading as real entities by creating or impersonating fake identities on a computer or network attempts to manipulate or mislead other users on the system. The aim of such attacks is often to undermine trust in the network or system, misuse resources, or cause other damage. Sybil attacks can typically be carried out in the following ways:
- Multiple identities: The attacker creates multiple fake identities on the network. Thus, it communicates with these fake identities to mislead other users.
- Harm in distributed systems: In distributed systems (e.g. Blockchain networks), Sybil attackers may attempt to manipulate consensus mechanisms. This compromises the security of the network.
Connext Network made a strong debut with airdrop
Despite Sybil’s attack, Connext ended NEXT’s tokenomics. The total airdrop size was 105,631,496.18 altcoins and were distributed to 57,801 airdrop wallets. At launch, 106,841,704.25 tokens were in circulation and 62,600,196.08 altcoins migrated to the community.
Connext Network is a protocol that interacts with native Blockchain bridges to optimize security. The altcoin project completed its airdrop distribution today for early users on Polygon, Arbitrum, Optimism, and Gnosis Chain.
As Kriptokoin.com, we have included other important announcements of the day in this article.
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