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News

Optimism Blocks 17,000 Addresses That Tries To Scam The Airdrop System!

May 25, 2022 - Around 2 mins mins to read
Optimism

Optimism Now Removes 17,000 Addresses That Tries To Scam The Airdrop System

The amount of wallets eligible for Optimism’s next airdrop has been lowered. According to a tweet posted, Optimism has blocked 17,000 addresses it believes are traders attempting to scam the system.

Airdrop farming, sometimes known as a sybil attack, is a method of doing so. It’s carried out by those who think a project might do an airdrop. To do so, they create a large number of wallets and utilize the same application across all of them, expecting to gain a lot of money if each wallet receives the airdrop.

“Optimism is for the people, not the sybils,” Optimism said on Twitter.

Several past crypto initiatives have been damaged by airdrop farming. Divergence Ventures utilized a large number of addresses to try to game the Ribbon Finance airdrop, a project in which it had previously invested. It made $3.2 million through this method at first, but once it was exposed on Twitter and a backlash developed, it refunded the money.

The project team launched its airdrop on April 26 and stated that 250,000 addresses were eligible. It is only giving out 5% of its total supply of tokens, with the remaining 14% set aside for future airdrops. The tokens that remain will be distributed among an ecosystem fund, public goods financing, key contributors, and private investors.

An Optimism contributor identified as NoobMan indicated on the Discord channel that the token distribution will most likely happen around the end of May or in June.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Hazel

CoinCu News

News

Optimism Blocks 17,000 Addresses That Tries To Scam The Airdrop System!

Optimism

Optimism Now Removes 17,000 Addresses That Tries To Scam The Airdrop System

The amount of wallets eligible for Optimism’s next airdrop has been lowered. According to a tweet posted, Optimism has blocked 17,000 addresses it believes are traders attempting to scam the system.

Airdrop farming, sometimes known as a sybil attack, is a method of doing so. It’s carried out by those who think a project might do an airdrop. To do so, they create a large number of wallets and utilize the same application across all of them, expecting to gain a lot of money if each wallet receives the airdrop.

“Optimism is for the people, not the sybils,” Optimism said on Twitter.

Several past crypto initiatives have been damaged by airdrop farming. Divergence Ventures utilized a large number of addresses to try to game the Ribbon Finance airdrop, a project in which it had previously invested. It made $3.2 million through this method at first, but once it was exposed on Twitter and a backlash developed, it refunded the money.

The project team launched its airdrop on April 26 and stated that 250,000 addresses were eligible. It is only giving out 5% of its total supply of tokens, with the remaining 14% set aside for future airdrops. The tokens that remain will be distributed among an ecosystem fund, public goods financing, key contributors, and private investors.

An Optimism contributor identified as NoobMan indicated on the Discord channel that the token distribution will most likely happen around the end of May or in June.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News