Bitcoin
Bitcoin (BTC)
$94,912.00 -0.39172
Bitcoin price
Ethereum
Ethereum (ETH)
$3,607.59 0.34039
Ethereum price
BNB
BNB (BNB)
$649.05 2.28144
BNB price
Solana
Solana (SOL)
$225.04 -0.02436
Solana price
XRP
XRP (XRP)
$2.63 14.37894
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.47262
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.5897
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.37499
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.89531
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.91063
Popcat price
Bitcoin
Bitcoin (BTC)
$94,912.00 -0.39172
Bitcoin price
Ethereum
Ethereum (ETH)
$3,607.59 0.34039
Ethereum price
BNB
BNB (BNB)
$649.05 2.28144
BNB price
Solana
Solana (SOL)
$225.04 -0.02436
Solana price
XRP
XRP (XRP)
$2.63 14.37894
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.47262
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.5897
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.37499
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.89531
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.91063
Popcat price
Bitcoin
Bitcoin (BTC)
$94,912.00 -0.39172
Bitcoin price
Ethereum
Ethereum (ETH)
$3,607.59 0.34039
Ethereum price
BNB
BNB (BNB)
$649.05 2.28144
BNB price
Solana
Solana (SOL)
$225.04 -0.02436
Solana price
XRP
XRP (XRP)
$2.63 14.37894
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.47262
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.5897
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.37499
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.89531
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.91063
Popcat price
Bitcoin
Bitcoin (BTC)
$94,912.00 -0.39172
Bitcoin price
Ethereum
Ethereum (ETH)
$3,607.59 0.34039
Ethereum price
BNB
BNB (BNB)
$649.05 2.28144
BNB price
Solana
Solana (SOL)
$225.04 -0.02436
Solana price
XRP
XRP (XRP)
$2.63 14.37894
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.47262
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.5897
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.37499
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.89531
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.91063
Popcat price

Airdrop hunter made over 21k Sybil wallets to fake on-chain activity

airdrop-hunter-made-over-21k-sybil-wallets-to-fake-on-chain-activity
Edited by
News
Airdrop hunter made over 21k Sybil wallets to fake on-chain activity

An unknown individual generated 21,877 Sybil wallets, a token and even launched a DEX just to fake on-chain activity.

An individual has made a whole ecosystem with its own token, wallets, and even launched a decentralized exchange (DEX) just to fake on-chain activity.

https://twitter.com/lingland09/status/1700970363713167450?s=20

According to a DeFi analyst @lingland09, the individual funded 21,877 Sybil wallets with very small amounts of ether (ETH) and then deployed a smart contract for a token dubbed gemstone (GEM). Later, the coder developed a personal non-open sourced DEX “just for indirectly applying transactions between his wallets,” @lingland09 explained.

Airdrop hunter made over 21k Sybil wallets to fake on-chain activity - 1
Fake on-chain activity with GEM tokens done by the coder through a personal DEX | Source: X

Once the exchange was up and running, the individual added liquidity to GEM tokens with 80 ETH to make the artificial token valuable.

“Then he swapped $gem tokens that he claimed from 21877 wallets at gem/eth pair and gained 0.6-0.7 eth value of profit.”

@lingland09

To automate the whole process, the coder made a trading bot, generating ten transactions with $10,000 in volume on zkSync Era network. Although the reason behind the activity remains unclear, @lingland09 suggests the coder is a “professional airdrop hunter” who might be faking activity on the zkSync Era network to prepare for a possible airdrop.

In March 2023, crypto.news reported that Arbitrum’s airdrop for its governance token, ARB, faced significant Sybil activity, exacerbated by what experts call “ineffective” detection rules. A crypto security researcher, X-explore, found that Arbitrum’s Sybil detection rules had flaws, exploited by almost 280,000 same-person and over 148,000 Sybil airdrop addresses.