Aptos

LayerZero

zkSync

Gemstone

<div class="cryptonews"> 
 <p class="is-style-lead">An unknown individual generated 21,877 Sybil <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a>, a token and even launched a DEX just to fake on<a rel="noopener noreferrer nofollow" title="-chain" href="https://thebittimes.com/tag/chain.html">-chain</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a>.</p> 
 <p>An individual has made a whole ecosystem with its own token, wallets, and even launched a decentralized exchange (DEX) just to fake on-chain activity.</p> 
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    <p lang="en" dir="ltr">Warning: 21877 sybil <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a> by one person #zkSync <br><br>Let's disclosure this individuals sybil tactics, he funded all of his <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a> with very small amounts of ether, then he deployed Gemstone ( $GEM ) token that wasn't open source. (https://t.co/UXS2O2fivg) <br>++ pic.twitter.com/firJbfcdfL</p>— Lingland 09. ∎ (@lingland09) September 10, 2023 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Fake LayerZero airdrop drains victims’ wallets 
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 <p>According to a DeFi analyst @lingland09, the individual funded 21,877 Sybil <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a> with very small amounts of ether (ETH) and then deployed a smart contract for a token dubbed gemstone (GEM). Later, the coder developed a personal non-open sourced DEX “just for indirectly applying transactions between his <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a>,” @lingland09 explained.</p> 
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    Fake on-chain activity with GEM tokens done by the coder through a personal DEX | Source: X 
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 <p>Once the exchange was up and running, the individual added liquidity to GEM tokens with 80 ETH to make the artificial token valuable.</p> 
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  <p>“Then he swapped $gem tokens that he claimed from 21877 wallets at gem/eth pair and gained 0.6-0.7 eth value of profit.”</p> 
  <p>@lingland09</p> 
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 <p>To automate the whole process, the coder made a trading bot, generating ten transactions with $10,000 in volume on zkSync Era network. Although the reason behind the activity remains unclear, @lingland09 suggests the coder is a “professional airdrop hunter” who might be faking activity on the zkSync Era network to prepare for a possible airdrop.</p> 
 <p>In March 2023, crypto.news reported that Arbitrum’s airdrop for its governance token, ARB, faced significant Sybil activity, exacerbated by what experts call “ineffective” detection rules. A crypto security researcher, X-explore, found that Arbitrum’s Sybil detection rules had flaws, exploited by almost 280,000 same-person and over 148,000 Sybil airdrop addresses.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Scammers hijack Aptos Network Twitter to promote fake APT airdrop&nbsp; 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/airdrop-hunter-made-over-21k-sybil-wallets-to-fake-on-chain-activity-tbt62276.html">https://thebittimes.com/airdrop-hunter-made-over-21k-sybil-wallets-to-fake-on-chain-activity-tbt62276.html</a></p>

Airdrop hunter made over 21k Sybil wallets to fake on-chain activity

TheBitTimes

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