amberrrr789
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Stay Tuned with MEXC Global (10/19/2022)
The XEN project attracted a lot of interest from the cryptocurrency world as it overtook other projects on the Ethereum blockchain in terms of gas consumption. On the first day it was listed on MEXC Global, the cost of XEN reached a high of $0.01819. However, exploiter attacks on the FTX market caused the price of XEN to drop sharply. XEN's low price at the time of writing is $0.00002839, which is 99.8% below its all-time high. So what actually happened? Let me explain to you.
XEN Price (15 Mins) on TradingView
According to a study from X-explore that was published a week ago, the attacker exploited FTX by putting up an attack contract on the chain and transferring a tiny amount of ETH from FTX to the contract. Each transaction produced one to three subcontracts, each of which ran a MINT-XEN function before self-destructing. The FTX hot wallet was used to pay for each transaction. To put it another way, the exploiter had the opportunity to create FREE XEN! This is due to FTX's free withdrawal policy.
The report claims that even though the gas theft cost FTX over 81 ETH, the exploiter still made over 100 million XEN tokens. The exploiter quickly traded XEN tokens for 61 ETH on decentralized markets like Uniswap following the hack. The assault might go on.
When bad things happen in pairs, XEN additionally experiences Sybil attacks. According to a different X-explore report, 67,685 Sybil attack addresses were engaging on the platform on October 12, making up 80.54% of all participating addresses. In addition, 335,000 Sybil addresses have gathered since XEN's debut, making up 45% of all addresses as of October 12.
The XEN project attracted a lot of interest from the cryptocurrency world as it overtook other projects on the Ethereum blockchain in terms of gas consumption. On the first day it was listed on MEXC Global, the cost of XEN reached a high of $0.01819. However, exploiter attacks on the FTX market caused the price of XEN to drop sharply. XEN's low price at the time of writing is $0.00002839, which is 99.8% below its all-time high. So what actually happened? Let me explain to you.
XEN Price (15 Mins) on TradingView
According to a study from X-explore that was published a week ago, the attacker exploited FTX by putting up an attack contract on the chain and transferring a tiny amount of ETH from FTX to the contract. Each transaction produced one to three subcontracts, each of which ran a MINT-XEN function before self-destructing. The FTX hot wallet was used to pay for each transaction. To put it another way, the exploiter had the opportunity to create FREE XEN! This is due to FTX's free withdrawal policy.
The report claims that even though the gas theft cost FTX over 81 ETH, the exploiter still made over 100 million XEN tokens. The exploiter quickly traded XEN tokens for 61 ETH on decentralized markets like Uniswap following the hack. The assault might go on.
When bad things happen in pairs, XEN additionally experiences Sybil attacks. According to a different X-explore report, 67,685 Sybil attack addresses were engaging on the platform on October 12, making up 80.54% of all participating addresses. In addition, 335,000 Sybil addresses have gathered since XEN's debut, making up 45% of all addresses as of October 12.
