The post The Starknet Airdrop Attack: Analyzing the $5.4 Million Sybil Exploit appeared first on Coinpedia Fintech News
Starknet faced a severe setback during its highly anticipated airdrop event on February 20th. What was meant to be a celebratory token distribution event turned into an attack scene as the malicious actor exploited the system and executed one of the most significant Sybil attacks in the history of cryptocurrency.
Unfolding the Sybil attack
An attacker cunningly manipulated the system during the airdrop by utilizing multiple 1,361 wallets to claim the distributed tokens. According to the data provided by on-chain investigator, lookonchain, the attacker by aggregating the tokens from these multiple wallets into a single address managed to siphon off 1,432,800 STRK tokens, valued at approximately $3 million at the time of the attack.
All these stolen funds were transferred to a single wallet address “0x027c…9078.” . Whats surprising is just a few m
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