Potential Airdrop Exploitation Anticipated Ahead of Starknet’s Token Distribution Event
Summary:
Starknet, Ethereum's second-layer scaling solution, is at risk of exploitation by airdrop farmers. Yearn Finance developer banteg reports that over 1800 individuals allegedly edited their accounts following a blockchain snapshot, which could influence the forthcoming Starknet’s airdrop. The Starknet Foundation, in a future event planned on February 20, aims to distribute a significant portion of its 1.8 billion STRK tokens to eligible wallet addresses. Those qualified for the airdrop will include Ethereum and Starknet stakeholders, Web3 ecosystem external developers, and protocol users. However, residents or entities from the U.S., U.K., and nations under U.S. sanctions are ineligible for the airdrop.
The impending Starknet airdrop, a second-layer scaling solution for Ethereum, is under threat of being exploited by airdrop farmers. As detailed in a February 15 report from Yearn Finance developer banteg, 1,854 individuals are believed to have altered or removed their accounts following a blockchain snapshot serving as the basis for Monday's Starknet airdrop. Marking February 20, Starknet Foundation plans to distribute 700 million STRK tokens out of a sum of 1.8 billion to 1.3 million qualifying wallets, allocating 50% to protocol users. Nevertheless, banteg points out through GitHub information that among the suspected 1,854 renamed accounts, 1,175 bear the same historical GitHub IDs. He suggests that eliminating these accounts from the snapshot would decrease the count of viable wallets by 701,544. More than that, he assured that he will personally guard the airdrop against squatters stating, "Squatters stand no chance. I will personally ensure you steal zero coins from the real devs." Airdrop farmers aim at monetizing by acquiring tokens from airdrops hoping to get future value in return. They use sophisticated scripts to merge various addresses into a few. It was uncovered last March that airdrop hunters had accumulated $3.3 million in tokens from the then Arbitrum (ARB) airdrop, merging 1,496 wallets into merely two fully owned wallets. Debuting in December 2022, Starknet currently secures total value locked (TVL) of $55 million, and about 30% of the TVL is held by Nostra, a decentralized finance protocol. Ethereum solo creatives and those with liquid stakes, as well as Starknet users, developers, and projects from outside the Web3 network, all qualify for the airdrop. However, the airdrop will be off-limits to citizens or entities of U.S., U.K., or any nation under sanctions imposed by the U.S. Treasury's Office of Foreign Assets Control.
Published At
2/16/2024 12:22:30 AM
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