The downfalls of XEN crypto: Why multiple attacks have led to its 39% decline | Crypto

The downfalls of XEN crypto: Why multiple attacks have led to its 39% decline

– The XEN Crypto is down 39% in the last 24 hours after a user found a way to mint over 100 million tokens on FTX without paying any gas fees.
– The attacker deployed an attack contract on-chain and sent a small amount of ETH to the contract from FTX.
– Each transaction created 1 to 3 sub-contracts that performed a MINT or CLAIM XEN function before self-destructing.
– The FTX hot wallet paid for all these transactions.
– The report stated that FTX had lost over 81 ETH to the gas theft while the exploiter had minted more than 100 million XEN tokens.
– X-explore also revealed that XEN crypto was facing a severe Sybil attack.
– According to the report, 67,685 Sybil attack addresses(80%) interacted with the platform on Oct. 12.
– Since the tokens launch, 335,000 Sybil addresses accounted for 45% of the total participating addresses.
– Despite an exploiter being able to mint millions of tokens without paying gas fees, XEN crypto remains the top Ethereum gas guzzler.

image 2022 10 13 150800845 The downfalls of XEN crypto: Why multiple attacks have led to its 39% decline

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