Avantis (AVNT) Trading Tops $2 Billion as Bubblemaps Flags Sybil Attack in Token Airdrop
The AVNT token, native to Avantis—a decentralized perpetual futures change on the Base community—has continued its double-digit rally following a powerful debut.
Despite its sturdy efficiency, issues across the integrity of the token’s distribution have surfaced. On-chain analytics platform Bubblemaps disclosed proof of a complicated Sybil assault surrounding AVNT.
AVNT Trading Volume Explodes 280% After Major Exchange Listings
BeInCrypto recently reported that AVNT’s entry into the market was bolstered by sturdy backing from main exchanges. On Monday, the token achieved a major milestone with triple listings on main South Korean platforms Upbit and Bithumb, as effectively as on Binance, the world’s largest cryptocurrency change.
The listings sparked a pointy rally, pushing AVNT’s worth above $1 and driving it to a brand new all-time high (ATH) of $1.54 yesterday. Moreover, momentum has continued.
BeInCrypto Markets information confirmed that the token gained 30.6% in the previous 24 hours. At the time of writing, AVNT was buying and selling at $1.13. Furthermore, its market capitalization has additionally risen from round $180 million to $296.5 million.
Investors are additionally actively buying and selling AVNT. Daily buying and selling quantity exceeded $2 billion, representing a 280.70% enhance from the prior day. South Korean traders accounted for almost all of liquidity, with roughly 29% of quantity on Upbit.
Avantis Faces Sybil Attack Allegations
Despite the bullish metrics, issues emerged over the airdrop’s integrity. Bubblemaps’ investigation, detailed in a contemporary thread on X, recognized a coordinated Sybil assault involving greater than 300 pockets addresses managed by a single entity.
These addresses netted $4 million in AVNT tokens, exploiting the distribution mechanism designed to incentivize real participation.
“AVNT made headlines final week after a 12.5% airdrop. Some customers walked away with 6 figures – however one entity could have taken way more,” Bubblemaps reported.
The submit detailed a number of factors that indicated Sybil habits amongst a number of AVNT airdrop recipients. The wallets concerned have been funded through Coinbase. In addition, they acquired USDC transfers from a small cluster of sources.
These accounts then carried out trades on Avantis and claimed AVNT tokens by the airdrop. The tokens have been later pooled into a number of addresses.
Moreover, the addresses despatched to funds to centralized exchanges like Bybit and Gate in a synchronized transfer. This sample strongly suggests {that a} single, orchestrated group drove the exercise quite than real particular person customers.
According to a blockchain analytics platform, the patterns mirrored the MYX Finance (MYX) airdrop. In MYX, dormant wallets have been activated solely for claims.
“The funding and claiming patterns match completely; this was clearly coordinated,” Bubblemaps concluded.
Avantis has not issued an official response to the allegations as of this writing. The claims now go away traders weighing the token’s spectacular market momentum towards unresolved issues over equity in its distribution. How Avantis addresses these allegations may play a decisive function in shaping AVNT’s long-term credibility and trajectory.
The submit Avantis (AVNT) Trading Tops $2 Billion as Bubblemaps Flags Sybil Attack in Token Airdrop appeared first on BeInCrypto.
