1,432,800 STRK Airdrops Valued at $3 Million Distributed to 1,361 Wallets Tracked to A Hunter

STARKNET airdrop

Lookonchain’s latest report reveals that potential airdrop participants received a total of 1,432,800 STRK tokens, equivalent to roughly $3 million. These tokens were distributed across 1,361 wallets. Notably, after receiving the airdrop, all 1,361 wallets transferred their tokens to the address 0x027c…719078. The platform also reported that another airdrop hunter received 1.22 million STRK using 1,800 wallets.

Gaming The System

Lookonchain, a prominent analytics platform in the cryptocurrency space, has released a detailed report shedding light on the recent distribution of STRK tokens via airdrops. According to the report, a substantial number of potential airdrop recipient received a total of 1,432,800 STRK tokens, with an estimated market value of approximately $3 million.

The distribution of these tokens was spread across 1,361 individual wallets. Notably, after receiving their share of the airdrop, all 1,361 wallets proceeded to transfer their tokens to a single address, identified as 0x027c…719078. This implies that a single hunter was behind the wallets.

A Second Incident

In a similar incident, the platform reported:

“Another airdrop hunter also received 1.22M $STRK($2.4M) via ~1.8K wallets.”

While airdrops are often utilized as a means to distribute tokens to a wide audience and foster community engagement, the subsequent consolidation of tokens in a single address suggest a coordinated effort or strategic maneuver by malicious recipients.

Sybil Attack

A Sybil attack in the context of an airdrop occurs when malicious actors create multiple fake identities or accounts to illegitimately claim more tokens than intended by the airdrop distribution. These fake identities, known as Sybil identities, are used to manipulate the distribution process and unfairly accumulate a larger share of the airdropped tokens.

It seems that someone received an #airdrop of 1,432,800 $STRK ($3M) via 1,361 wallets!

The 1,361 wallets transferred $STRK to wallet”0x027c…9078″ after claiming the #airdrop.https://t.co/xTUBOqB5Pr pic.twitter.com/XVGtAaUxjr

— Lookonchain (@lookonchain) February 21, 2024

In the case of the reported STRK airdrop, the concentration of tokens in a single address after being distributed to a large number of wallets may indicate the possibility of a Sybil attack. The recipients of the airdrop may have used multiple accounts or identities to claim tokens multiple times, thereby exploiting the distribution mechanism and accumulating a disproportionate amount of tokens.

Preventing Sybil Attacks

A Sybil attack on an airdrop undermines the fairness and integrity of the distribution process, as it allows a small group of individuals to unfairly benefit at the expense of legitimate participants. It can also distort market dynamics and negatively impact the value of the airdropped tokens.

To mitigate the risk of Sybil attacks on airdrops, blockchain projects often implement measures such as KYC (Know Your Customer) verification, token vesting schedules, or whitelisting procedures to verify the identity and eligibility of participants. Additionally, blockchain analytics tools can be employed to detect suspicious patterns of activity and identify potential instances of Sybil attacks.

The Need for Vigilance

It’s essential for airdrop organizers and participants to remain vigilant against Sybil attacks and uphold the principles of fairness and transparency in token distributions. By implementing robust security measures and conducting thorough analysis of distribution data, the integrity of airdrop events can be preserved, ensuring equitable participation and distribution of tokens.

The report by Lookonchain provides valuable insights into the distribution dynamics of the recent STRK airdrop, highlighting the importance of transparency and scrutiny in the cryptocurrency ecosystem. As the blockchain industry continues to evolve, comprehensive analysis and data-driven research are essential for understanding market trends and investor behavior.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.