Blockchain analytics platform Bubblemaps reports a coordinated Sybil exploit drained $4 million from Avantis’ recent airdrop, just as AVNT listings on major exchanges drove record price and volume growth.
Bubblemaps confirmed that a single entity used over 300 wallets in a Sybil attack to exploit Avantis’ September 9 airdrop, seizing $4 million worth of AVNT tokens. The revelation came shortly after AVNT’s listings on Coinbase, Kraken, and Bitunix, followed by Binance, Upbit, and Bithumb on September 15, which propelled the token to an all-time high of $1.57. The surge boosted AVNT’s market capitalization from $180 million to $298 million, with daily trading volume surpassing $2 billion. The exploit undermined the campaign’s intent to distribute 12.5% of the AVNT supply fairly among 65,000 wallets.