The price of the controversial XEN token has fallen more than 33% after experiencing both a Sybil attack and a minting exploit that saw the attackers mint over 100 million tokens.
The price of the controversial XEN token fell by more than 33% after someone exploited the FTX Gas loophole. The attacker has issued over 100 million of his XEN tokens through a loophole and the attack is still ongoing.
The project initially made headlines by allowing users to create tokens for gas fees only. The overall intent of the project raised suspicions that it could be a scam, but no such exploit was brought up.
attacker expanded the contract The attack began on October 10th. FTX Exchange hot wallet An address that continuously transfers a small amount of ETH to the attack contract. Each transaction creates 1-3 subcontracts, which run Mint and claim her XEN tokens. All of these are paid by FTX Hot Wallet Address.
The attack is still in progress. The exploited vulnerability is the fact that the transfer gas limit is unlimited.
Attack of the Sybil
Also XEN token have experienced Sybil Attack.
a Sybil Attack One system operates multiple fake identities on a P2P network, each performing its own transactions. There are several types of such attacks, such as the batch transfer Sybils that occurred in XEN.
The total number of Sybil addresses is at least 335,000, representing about 80% of participating addresses.
XEN token drops to $0.0001 after attack
With both exploits and Sybil attacks impacting networks, the future of XEN looks bleak. The price of the token has plummeted and may face further declines depending on how it unfolds over the next few days. The current price of the token is $0.00009.
The XEN token was touted as a community-derived token whose value was derived, but that doesn’t seem to be the case anymore.it made a burning headline $1.85 million on ethereum Gas Fee in a day.
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