Starknet encountered a serious setback in an airdrop event that was highly anticipated by the cryptocurrency community. What was supposed to be a celebratory token distribution event turned into an attack scene when a malicious actor exploited the system and carried out one of the most significant Sybil attacks in cryptocurrency history.
A Sybil attack allows an individual or group of individuals to manipulate the network with multiple fake identities or wallets that they control. In this case, the attacker made a serious hit by targeting weak points in the system during the airdrop.
The attacker cunningly manipulated the system by using multiple 1,361 wallets to claim distributed tokens. lookonchain to your data According to the report, this person managed to capture 1,432,800 STRK tokens, worth approximately $3 million at the time of the attack, by transferring the tokens he collected through multiple wallets to a single address. All these stolen funds were transferred to a single wallet address “0x027c…9078”.
However, what was surprising was that just minutes before the attack, another airdrop hunter received 1.22 million STRK worth $2.4 million through 1,800 wallets. This brings the total cost of the attack to $5.4 million.
Effect on altcoin price
Especially new generation altcoin projects such as Starknet are vulnerable to such attacks. Significant fluctuations in Starknet’s token price clearly demonstrate the effects of the Sybil attack. While the attack in question created a serious environment of distrust and uncertainty in the market, Starknet’s token was also affected by these fluctuations. As a result, the sharp 50% drop in the token value has shaken confidence in the project and caused investors to worry.
Starknet’s recent listing on major cryptocurrency exchanges such as Binance initially created a wave of optimism in the market and resulted in an increase in trading activity. However, after the news about the details of the airdrop, the market sentiment changed rapidly and was negatively affected. These types of airdrops usually provide a short-term and artificial price increase; but then they tend to return to normal or even lower levels. While this situation creates temporary uncertainty and volatility in the market, it can shake long-term confidence and unsettle investors.
You can follow the current price movement here.
