Airdrop Hunter Accumulates Over $3 Million Starknet Tokens Across 1,361 Wallets

Airdrop Hunter Accumulates Over $3 Million Starknet Tokens Across 1,361 Wallets

Over $3 million Starknet (STRK) tokens across 1,361 wallets were transferred in a Sybil attack. 

Key Insights 

  • Over $3 million Starknet (STRK) tokens across 1,361 wallets were transferred in a Sybil attack. 
  • This attack shows the importance of developing a secured security system and airdrop strategy. 
  • Over 50.1% of STRK's total supply has been earmarked for the Starknet Foundation, intended for community airdrops, grants, and donations

The Starknet ecosystem continues to be in the news following the announcement of its recent airdrop. This time, the airdrop program has been involved in a Sybil attack leading to the transfer of over $3 million worth of STRK tokens. 

Plan Behind the Sybil Attack on Starknet Airdrop 

Per Lookonchain reports, the airdrop hunter carried out the exploit through 1,361 wallets and then moved about 1,432,800 STRK tokens, worth up to $3 million, to one wallet address, "0x027c…9078."

Given Starknet's implementation of relatively robust Sybil protection, the success of these attacks raises significant concerns.

The attack strategy indicates that the perpetrator managed to circumvent the typical one-wallet-one-claim protocol commonly used in airdrops to prevent such exploits.

By claiming the airdrop across multiple wallets and consolidating the tokens into a single account, the attacker not only acquired a substantial amount of STRK but also underscored the necessity for stricter security measures during token distribution events. 

This incident occurred against the backdrop of Starknet's recent listing on Binance, which propelled the token into a phase of high volatility. Initially, the market responded positively to the listing, witnessing a notable increase in trading activity and price. 

However, this optimism was short-lived as the price retraced, likely influenced by broader market sentiment and potentially impacted by news of the airdrop attack. 

This attack shows the importance of developing a secured security system and airdrop strategy that can wage war against Sybil's schemes. 

Starknet Token Price Drops 53% Amid Issuance Criticism

Starknet (STRK) tokens have experienced a similar price movement to that of other projects in the past. Before listing, the token had an initial spike in price, indicating the interest of investors in being part of the project. 

However, STRK has seen a pullback, reflecting the withdrawal of early investors as they take profits. Starknet's (STRK) token's recent pullback was experienced on Tuesday as it went live for trading. This is coming after the face was hit with criticisms of a 2022 token generation event.

STRK/USDT chart
STRK/USDT chart

Data indicates that STRK experienced a significant 55% decline within the last day, accompanied by trading volumes exceeding $1.2 billion. Notably, only $3 million worth of STRK futures were liquidated, suggesting that the majority of the selling pressure stemmed from spot transactions.

Approximately 728 million STRK tokens were dispersed among roughly 1.3 million addresses according to predetermined criteria, such as involvement in the blockchain and its community. The selling pressure observed implies that recipients likely promptly sold their tokens.

Starknet, an Ethereum roll-up platform leveraging zero-knowledge proof technology to enable scalable applications, has seen over 100,000 wallets claim more than 220 million STRK tokens as of Tuesday, as reported by the team on X. It's worth noting that it's common for many tokens to experience a drop in value shortly after issuance.

Conclusion

Over 50.1% of STRK's total supply has been earmarked for the Starknet Foundation, intended for community airdrops, grants, and donations. Early contributors and investors will receive 24.68% of the total supply, while 32% has been designated for StarkWare's employees, consultants, and developer partners.

Today, Starknet (STRK) is priced at $1.88, boasting a 24-hour trading volume of $1,184,859,181.09. This reflects a decrease in price by -15.60% within the last day, yet it has experienced a surge over the past week. With 730 million STRK in circulation, Starknet commands a market capitalization of $1,388,318,488.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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