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Connext Airdrop Faces Challenges with $38K Sybil Bot Attack

Sep 5, 2023 at 06:55 pm

Connext Network, a protocol renowned for its efforts in bolstering security through native blockchain bridges, now faces intense scrutiny following a concerning incident during its recent native token airdrop. The incident centers around the apparent exploitation of the airdrop through what is commonly referred to as a "sybil attack."

The questionable wallet responsible for this activity was created merely four hours before the commencement of the NEXT token airdrop. Despite the airdrop's strict rule of allowing only one claim per wallet, this particular entity managed to funnel more than 200 claims to itself by employing a network of multiple wallets. Essentially, a sybil attack strategy involves generating numerous eligible wallets to claim the airdrop's rewards, subsequently swiftly selling the acquired tokens for profit.

According to data sourced from Debank, the wallet linked to the attack meticulously converted NEXT tokens into popular cryptocurrencies like tether (USDT) and ether (ETH). This tactical maneuver resulted in the accumulation of an estimated $38,000 in profits shortly after the airdrop's commencement.

The wallet's aggressive actions extended to overloading the airdrop's user interface with an exceptionally high volume of requests, leading to a temporary outage. Connext's founding contributor, Arjun Bhuptani, has since confirmed the incident as a sybil attack.

Remarkably, a substantial number of participants, approximately 57,000 unique wallets, had registered for the airdrop. This staggering figure underscores the scale of the incident, as emphasized by Bhuptani.

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