According to the crypto detective Wu Blockchain, Binance announced the ban of about 297 accounts after the Megadrop IEO event. The cause was given as Sybil* attacks. Airdrop hunters use a variety of sophisticated strategies to get as many free tokens as possible. However, more and more projects are implementing strategies against these farmers.
More than 1 million users participated in the Megadrop IEO event, demonstrating a high level of participation. However, despite that concern, 102,000 accounts were discovered to be fraudulent through Binance’s risk control processes. Because the platform checks many accounts, this number is constantly updated.
The accounts were primarily used in Sybil attacks, with some created to take advantage of airdrops. After careful investigation, 297 major accounts were identified and banned by Binance. To give an example of the scale of the Sybil attack, one of these accounts alone had accumulated 9,000 KYC (know your customer) accounts.
The strict risk control procedures implemented by the platform ensure that malicious activity is quickly detected and dealt with. To continue serving real users, project costs will be funded with funds from frozen and forfeited accounts. Through proactive measures, Binance hopes to prevent those who abuse the system to profit from the airdrop event and instead support authorized users. This action is part of a larger plan to maintain the platform’s airdrop integrity and IEO events.
Binance users have been reassured by the company that only fraudulent accounts are the focus of its risk control procedures. Genuine users do not need to worry about their accounts being affected.
Binance users can use the online customer support portal to submit a complaint if their account was misclassified as fraudulent. The support team is dedicated to finding quick solutions to these issues so that users really don’t suffer. As airdrop hunters use more advanced tactics to take advantage of free token distributions, Sybil attacks have become a serious threat in the crypto space.
*Sybil attacks typically involve a single user creating multiple fake accounts to receive multiple tokens in an airdrop. This can happen when there are not strong enough protections to prevent the creation of fake accounts or when the criteria for receiving airdrops are not strictly established.
Minh Anh
According to UToday
