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Crypto market continues to rise, bringing attention to significant issues. Accordingly, there is an increase in Sybil attacks through fake farming accounts in many crypto projects. These fake accounts create artificial network activity to claim as many tokens as possible during lucrative airdrop events over the years.
Notable Move from the Degen Team
Degen airdrop event will continue until August 1, rewarding users who engage with or create quality content on Farcaster social channels. The creators of the Degen project, built on the Farcaster social media protocol, stated regarding the fake farming process:
“We have recently taken action by banning around 2,000 users suspected of conducting fake Degen farming operations.”
During this process, it was noted that a significant number of users started publishing below-average content solely to earn airdrop points, and the Degen team commented:
“Basically, participating in organized actions to earn tokens and publishing irrelevant content on prominent channels will result in bans.”
Sybil Process in Airdrop Events
The Memecoin project is not the first protocol to suffer from Sybil attacks. On April 4, the Web3 wallet Bitget Wallet announced it would deduct airdrop points from users who used emulators and cloud phones to create artificial wallet redirects and downloads to collect BWB token rewards, stating:
“Maintaining fairness and honesty for all participants is paramount, and we cannot overlook dishonest behaviors that violate the event’s code of conduct.”
Bitget Wallet’s airdrop event continued throughout the past month and is planned to end on April 27. Users can earn rewards by referring friends through their own custody wallet, depositing tokens, or performing decentralized finance (DeFi) swaps.
Earlier this year, leading DeFi developer Banteg, mentioned an issue related to the Ethereum Layer-2 protocol Starknet and its airdrop event. They claimed to have reviewed the entire Starknet airdrop process and found 1,854 individuals who had renamed or deleted their accounts since the event snapshot. Banteg also identified an estimated 701,544 addresses allegedly linked to repeated or renamed GitHub accounts controlled by airdrop hunters.
Despite these statements, airdrop hunters still participated in the Starknet airdrop event. Shortly after its launch, Starknet temporarily surpassed a fully diluted valuation of $20 billion, and the airdrop event will continue until June.
