Allegations of Major Manipulation in an Altcoin Airdrop: One Person Received the Largest Share of the Tokens
Blockchain analytics platform Bubblemaps has announced the detection of significant manipulation in the ROBO token airdrop conducted by Fabric Protocol.
According to the company’s findings, a single entity gained control of approximately 40% of the total tokens distributed using a method called a “syllabic attack.”
According to Bubblemaps data, over 7,000 new wallets were created in the two months prior to the token’s launch. These wallets were found to have purchased similar amounts of Ethereum (ETH) from seven different cryptocurrency exchanges, exhibiting highly consistent on-chain behavior. It was then suggested that these funds were routed through three-tiered new wallets in an attempt to conceal the trail.
These wallets participated in the airdrop following the ROBO token launch on February 27th, claiming a total of approximately 199 million ROBO tokens. This amount reportedly represents 40% of the distribution and was worth approximately $8 million at the time of launch.
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The analysis reveals that high similarities in the funding method, timing, and transfer movements of the wallets indicate that the entire operation was organized by a single entity. However, Bubblemaps added that, based on the available data, there is no evidence linking these activities to the Fabric Protocol or OpenMind teams.
Fabric Protocol aims to develop a robotics-focused network layer powered by the OpenMind infrastructure. The project raised a total of $20 million in funding from leading investors such as Coinbase and Pantera. The ROBO token was distributed via an airdrop at launch, representing 5% of the total supply.
*This is not investment advice.
Continue Reading: Allegations of Major Manipulation in an Altcoin Airdrop: One Person Received the Largest Share of the Tokens
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