Flow

Starknet

Foundation

Frenzy

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/starknet-airdrop-mania-sparks-trading-frenzy-and-highlights-exploits" rel="noopener noreferrer nofollow">Starknet Airdrop Mania Sparks Trading Frenzy and Highlights Exploits</a><br></p>
<p style="text-align: justify">The Starknet Foundation ignited the <a href="https://en.bitcoinhaber.net/strategic-investments-in-the-crypto-sector-amid-market-volatility-and-regulatory-developments" rel="noopener noreferrer nofollow">cryptocurrency</a> market by distributing 700 million STRK tokens in a highly anticipated airdrop on February 20th. This event triggered a massive surge in withdrawal requests, with 5 million being recorded within mere minutes of the distribution. As a consequence, the price of STRK tokens experienced a dramatic spike, reaching $7 before settling at an approximate value of $3, still marking a significant increase from pre-airdrop trading prices.</p>
<h2 id="challenges-and-manipulation-tactics-surface">Challenges and Manipulation Tactics Surface</h2>
<p style="text-align: justify">Despite the initial enthusiasm, the airdrop faced operational hurdles as the system was overwhelmed with over 400 million STRK token requests. Lookonchain, a blockchain analytics firm, reported that an individual had managed to amass 1.4 million STRK through the use of 1,361 wallets. These tokens, valued at $3 million, were then funneled into a single address. Another participant exploited similar tactics, using 1,800 wallets to obtain 1.22 million STRK, translating to $2.4 million, an act known as a Sybil attack.</p>
<h2 id="market-response-and-significant-sales">Market Response and Significant Sales</h2>
<p style="text-align: justify">Market data from CoinMarketCap reflected a substantial decline in both the trading volume and price of Starknet tokens post-airdrop. The initial trading frenzy saw volumes spike by over 6,000%, cresting at $1.8 billion before halving. Spot on Chain reported major sales of the STRK token, including a sizeable sale by Nethermind, a Lido node operator, who divested 959,000 STRK for $2.31 million.</p>
<p style="text-align: justify">Despite these sales, Nethermind retained a significant stake of 9.24 million STRK. In similar fashion, Flow investors sold 4.543 million STRK, pocketing $17 million, yet retained 457,000 tokens. As of the latest update, STRK’s price was listed at $1.86, up by nearly 10%, and the market cap increased by a similar percentage, reaching $1.3 billion.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/starknet-airdrop-mania-sparks-trading-frenzy-and-highlights-exploits" rel="noopener noreferrer nofollow">Starknet Airdrop Mania Sparks Trading Frenzy and Highlights Exploits</a></h5>

Starknet Airdrop Mania Sparks Trading Frenzy and Highlights Exploits

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