Liquid restaking platform EtherFi’s ETHFI token has faced considerable struggles since its airdrop, partly due to one of its early investors selling their airdropped tokens.
Blockchain analytical firm Nansen reported how Arrington XRP Capital, one of EtherFi’s investors, allegedly may have gamed EtherFi’s airdrop process for personal profit.
Arrington ‘sybils’ EtherFi
Nansen’s findings reveal that Arrington XRP Capital staked 5,000 ETH across ten separate wallets, each containing 500 ETH. This move allowed the firm to claim the ETHFI airdrop from ten separate wallets, amassing 200,498 ETHFI tokens.
Subsequently, all the airdropped tokens were transferred to the Binance crypto exchange, suggesting the firm might have divested its holdings.
Such maneuvers, known as Sybil attacks, are usually frowned upon in the industry as they enable individuals to manipulate a network by utilizing multiple identities and potentially circumventing vesting schedules.
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