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Crypto Whiz Creates 21,877 Sybil Wallets and DEX to Simulate On-Chain Buzz

Jack Evans
Sep 11, 2023 at 08:18 pm

The Elaborate Charade

DeFi maven and analyst, @lingland09, recently uncovered this enigmatic spectacle of orchestrated blockchain deception. The unnamed individual behind the curtain commenced their grand ruse by endowing a staggering 21,877 Sybil wallets with meager amounts of Ether (ETH). The pièce de résistance was the creation of a custom smart contract that birthed the "gemstone" token (GEM).

But the theatrical production didn't stop there. The mysterious coder ingeniously constructed a personalized, non-open sourced DEX. Its sole purpose? To indirectly shuffle transactions among the labyrinthine network of wallets. As @lingland09 eloquently put it, this DEX was designed to be a clandestine stage for the intricate performance.

As the curtains lifted on this audacious show, liquidity was injected into the GEM token, an astonishing 80 ETH infusion, giving the synthetic token an aura of legitimacy. And then, the grand finale—a deft sleight of hand. The individual, now a master of their own spectacle, skillfully swapped $gem tokens harvested from the 21,877 wallets against ETH, reaping 0.6-0.7 ETH in profit.

The meticulous attention to detail was evident as the coder automated this entire spectacle with a trading bot. Ten transactions, each with a $10,000 volume, danced across the zkSync Era network, leaving spectators mesmerized. The motive behind this intricate ruse remains shrouded in mystery.

The Hunt for Airdrops

Intriguingly, @lingland09 suggests that our enigmatic protagonist might be a "professional airdrop hunter" perfecting their artistry, orchestrating this grand performance to lay the groundwork for a forthcoming airdrop. The crypto world, always abuzz with excitement, has never witnessed such an elaborate prelude to a potential airdrop.

This saga evokes memories of a similar spectacle in March 2023, when Crypto.News reported on the remarkable Sybil activity surrounding Arbitrum's governance token, ARB. Ineffectual detection rules left the door wide open, enabling almost 280,000 accounts to be controlled by a single entity. Over 148,000 Sybil airdrop addresses added to the drama, unveiling the vulnerabilities of a nascent industry still grappling with security nuances.

As the crypto stage continues to evolve, this astonishing tale serves as a stark reminder that innovation and deception often dance a delicate tango on the blockchain. While the motives behind this elaborate ruse may remain shrouded in mystery, it undeniably showcases the boundless creativity that thrives in the decentralized world—a world where the lines between reality and illusion are ever-blurred, leaving the community both astonished and contemplative.

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