Four hours before the start of the airdrop, the user created a wallet and submitted more than 200 requests for the NEXT token, Coindesk said.
Using multi-accounting, he branded tokens from all his accounts, and then transferred them to one wallet. The participant converted all assets into USDT and Ethereum stablecoins, according to Debank.
As a result, the user received an airdrop in the amount of $38,000. At the time of writing, he withdrew most of the funds, and only $8 remained in the wallet.
Connext Network co-founder Arjun Bhuptani suggested that an airdrop participant took advantage of a protocol vulnerability and performed a
“Sibyl attack.”
“We have detected bot activity that is overloading the server of our partner and service provider Tokensoft. We are actively working to resolve the issue to ensure that tickets work normally,” the Connext team wrote on X (formerly Twitter).
In September 2023, hackers attacked the Stake betting platform and seized $16 million worth of crypto assets.