Connext Network, a protocol that interacts with native blockchain bridges to optimize security, is the subject of intense scrutiny after one wallet appears to have exploited the protocol’s native token airdrop with a so-called sybil attack.
The wallet in question, created just four hours before the airdrop for NEXT went live, was able to filter more than 200 claims to itself through multiple wallets. The airdrop was restricted to one claim per wallet. This strategy, known as a sybil attack, involves creating numerous wallets that are eligible to claim the airdrop before instantly selling the tokens for profit.
According to Debank, the wallet has been steadily converted NEXT tokens into tether (USDT) and ether (ETH), racking up around $38,000 in profit shortly after the airdrop went live.
The wallet reportedly spammed a high number of requests that subsequently took the airdrop user interface offline, according to Connext founding contributor Arjun Bhuptani, who confirmed that it was a sybil attack.
As many as 57,000 unique wallets registered for the airdrop, Bhuptani added.
