Connext Network, a protocol that enhances security through native blockchain bridges, is currently under intense scrutiny due to a sybil attack during its native token airdrop. The attack involved a wallet that was created just four hours before the airdrop commenced and managed to filter over 200 claims to itself through multiple wallets, despite the airdrop being limited to one claim per wallet. This strategy allowed the attacker to quickly sell the tokens for profit.
According to Debank, the wallet swiftly converted the received NEXT tokens into tether (USDT) and ether (ETH), resulting in a profit of approximately $38,000 shortly after the airdrop began. The wallet’s excessive requests overwhelmed the airdrop user interface, causing it to go offline. Connext founding contributor Arjun Bhuptani confirmed that this incident was indeed a sybil attack.
It is worth noting that a significant number of 57,000 unique wallets participated in the airdrop registration process, as stated by Bhuptani.