venus666 Posted October 20, 2022 #1 Posted October 20, 2022 The XEN project has gotten a lot of attention from the crypto community because it became the number one gas guzzler on the Ethereum blockchain. The price of XEN peaked at $0.01819 on the first day it was listed on MEXC Global. However, the XEN price dropped precipitously as a result of exploiter attacks on the FTX exchange. At the time of writing, the low for XEN is $0.00002839, representing a 99.8% decrease from the all-time high price. So, what exactly occurred? Allow me to walk you through the process. A report from X-explore was released a week ago, stating that the attacker took advantage of FTX by setting up an attack contract on the chain and transferring a small sum of ETH to the contract from FTX. Each transaction generated one to three subcontracts that each performed a MINT-XEN function before being destroyed. All of these transactions were completed using the FTX hot wallet. In other words, the exploiter was given the opportunity to mint FREE XEN! This is because FTX allows free withdrawals. The gas theft cost FTX more than 81 ETH, but the exploiter made more than 100 million XEN tokens, according to the report. Soon after the attack, the attacker exchanged XEN tokens for 61 ETH on decentralized exchanges such as Uniswap. The assault could continue. Along with the exploit, XEN is subjected to Sybil attacks. According to another X-explore report, there were 67,685 Sybil attack addresses interacting on the platform on October 12, accounting for 80.54% of total participating addresses. Furthermore, 335,000 Sybil addresses have been accumulated since the launch of XEN, accounting for 45% of total addresses as of October 12. Final Thoughts Although XEN aims to solve the problems of over-bought and sold cryptocurrencies, as well as unfair coin launches, bad news such as Sybil attacks are constantly harming XEN's performance. All investors prioritize safety, so I'm interested to see what the XEN project does in response to this incident. In the trading game, some people win and some people lose. XEN trading volume is increasing while the price is falling.
kriptopoulin Posted October 24, 2022 #4 Posted October 24, 2022 You're doing great work. Thanks for sharing with the community.
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