On-Chain Evidence Uncovers $4 Million Sybil Attack on Avantis Airdrop

Recent on-chain analysis indicates that Avantis’ latest airdrop has been compromised by a $4 million Sybil attack.

Key Takeaways

A coordinated Sybil attack netted an estimated $4 million in AVNT tokens through over 300 wallet addresses.
Bubblemaps highlighted that one actor manipulated eligibility criteria to exploit the airdrop, undermining its fairness.
The attack occurred shortly after the AVNT token was listed on major exchanges, triggering a significant market rally.
Avantis' Airdrop 1 distributed 12.5% of its total AVNT supply to more than 65,000 eligible wallets based on blockchain activity.

Avantis

Overview of the Sybil Attack

According to a recent report from the blockchain analytics platform Bubblemaps, there is clear evidence of a strategic Sybil attack that took advantage of the recent Avantis airdrop. The analysis reveals that an individual or group managed to gain access to $4 million of AVNT tokens using over 300 wallets. Many of these wallets were inactive before the airdrop and exhibited identical behaviors during the event.

“This was clearly coordinated,” Bubblemaps commented, highlighting how the attack bore similarities to a previous Sybil incident involving the MYX token.

Avantis Rallies Following Exchange Listings and Airdrop

The disclosure of the Sybil attack comes just days after the AVNT token, which is the native cryptocurrency for Avantis—a decentralized perpetual futures exchange operating on the Base network—was listed on major exchanges including Coinbase, Kraken, and Bitunix on September 9.

The momentum continued with additional listings on Binance, Upbit, and Bithumb on September 15, driving AVNT to reach a new all-time high of $1.57. This upsurge saw the market cap increase dramatically from $180 million to $298 million, with daily trade volumes surpassing $2 billion.

This exchange activity significantly enhanced the effects of Avantis’s Airdrop 1, which commenced on September 9 alongside its initial listings. This campaign successfully allocated 12.5% of the total AVNT supply to more than 65,000 wallets deemed eligible based on their on-chain activity.

By understanding these events, new participants can better navigate the evolving landscape of cryptocurrency and recognize the inherent risks associated with airdrops and token distributions.