Xen and Sybil Attacks

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BlockchainGandalf

Keir Finlow-Bates

136 episodes

1 week ago

This channel features regular updates devoted to explaining issues surrounding blockchain, from the technical through to economics and philosophy. I also look at tech startup issues, innovation, and the patenting process. You can get a copy of my book at http://mybook.to/moveover or read more about it at http://www.thinklair.com/

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Xen and Sybil Attacks

BlockchainGandalf

8 minutes

3 years ago

Xen and Sybil Attacks

Well, that didn't take long.

A day after my previous video there was a Sybil attack on the XEN cryptocurrency. Except, the attack was really on an exchange - FTX, which offers free crypto withdrawals, and didn't check the maximum gas it allocates to this.

As a result someone found an arbitrage opportunity. Use smart contracts to spawn off lots of Ethereum addresses, deposit small amounts of ETH in the exchange, then withdraw and in the same transaction claim XEN crypto, with FTX paying for it. A day later, mint the XEN and immediately sell on a DEX.