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Author Topic: Attention All ERC-20 Project Teams. Consider Airdrops Compromised.  (Read 198 times)
eeclassic
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November 27, 2017, 03:06:18 AM
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We recently launched the new eEthereum Classic (EEC) token on the main Ethereum network, and began a public airdrop. Since we carefully examined each ETH address to avoid people using alts to sign-up for the same airdrop, we made a startling discovery. The majority of airdrops for nearly all tokens are centralized to only a few forum members with 100+ Alt accounts each. Upon further investigation of all of our PMs here, we were able to link hundreds of accounts to individual members. We will not disclose the details of these accounts here unless requested by a forum administrator or moderator, as we believe this practice isn't technically against forum rules.

We dug further to look at the airdrop distribution of other coins, and found that most of their airdrops were inadvertently centralized to just a few members. One such altcoin is here: https://etherscan.io/address/0xc19975f6edc9421060397264f1fa27634eb7dc80 - As you can see the member created many alts centralized to one account which then traded on EtherDelta. This member also sent us many PMs from unique accounts with unique ETH addresses to try to claim our EEC token. Fortunately we avoided most of them in time. We examined token distribution from airdrops from other projects and found they were not so lucky however. The greatest victims were projects that used automated distribution methods that weren't manually checked. Even mass facebook and twitter account alts can be spam-created.

Whilst we believe we have made token distributions to a number of unique individuals, the risk of centralizing airdrops to only a few owners is too great, so we have suspended our airdrop campaign for now and encourage other projects to do the same until this problem is somehow addressed, or each airdropped member is manually, individually verified. We are willing to privately disclose the list of alts we found to a trusted member if they have the power to leave negative red feedback, so we can assist other teams in preventing themselves from accidentally airdropping to some of these individuals.

This practice is most likely the explanation for the coordinated "pump and dumps" commonly observed in most airdropped ERC-20 tokens that believe in the No-ICO philosophy. Rather than coming from a private group, they seem to come from a single individual or two, since airdrops are not widely distributed among unique individuals as most project teams believe they are. Unfortunately some unscrupulous individuals take advantage of the kindness of tokens that refuse to accept crowdfunding.

Again, we urge all other Non-ICO/Airdrop projects to double-check the token transfer history of their airdropped tokens and manually verify each member, as we can see the majority of new ERC-20 airdropped tokens have been compromised by a few individuals, even some famous and big tokens. We were surprised to see how common this practice is and the obvious market manipulation it leads to.
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November 27, 2017, 03:13:29 AM
 #2

Wow thank you for this sir.At last someone had finally addressed this problem.

                
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November 27, 2017, 03:16:16 AM
 #3

Yes, a lot of people will register many accounts, and then to drop, most will drop to some accounts, this is obviously unreasonable, even may cause market volatility.

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November 27, 2017, 03:27:05 AM
 #4

I’ve noticed a few new airdrops are tied to verifications Etherium holdings, telegram accounts, twitter accounts, etc.  Seems to help verify individuals, particularly when they are based on minimum Etherium holdings or portional to Etherium holdings.

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November 27, 2017, 03:57:46 AM
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Well that cant realy be avoided. Theres are alot of fraudsters that is taking advantage of the free airdrop. I hope there is a way to ressolve this matter so that the opportunity will be distributed to everyone not only to the opportunist who makes multiple accounts. Best of luck to ETC. I hope you catch and revoke all thier wallets including thier account.

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November 27, 2017, 06:57:34 AM
 #6

Best of luck, hey you beggar above me, your signature shouldn't be showing a code in the signature space, do you also eat sandwiches with their paper? you just did the unforgivable and unstoppable thing, you claimed the whole ETC blockchain for yourself and now are scamming people. if you are not scamming people then list your EETC on 5 of the 10 top exchanges, lol.
I'm begging you, don't expose me, I have claimed 45% of every airdrop tokens ever since I got here. have mercy on a homeless(living with parents) beggar, I'm no body without these crap tokens.

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November 27, 2017, 07:03:10 AM
 #7

This is a long time problem and a downside of having free airdrops,a lot of people are using VPN to be able to join multiple accounts to gain more tokens,I knew someone had joined some airdrops with atleast 300 accounts,its an easy money for him,you cant stop greedy people to such thing but you can stop the free Airdrop and stupid useless ICOs.
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November 27, 2017, 07:23:19 AM
 #8

Some airdrops never even go ahead, I think it is often just a database gathering exercise to be used for other ICO down the line
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November 27, 2017, 07:27:41 AM
 #9

This has always been a problem. Not only for airdrops but even for signature campaigns. People will try to make money and that is all part of it. You did the right thing by digging deeper and checking accounts. However, I don't understand why you generalized this for all ERC20 tokens? Some have been distributed fairly and are successful today.

Some airdrops never even go ahead, I think it is often just a database gathering exercise to be used for other ICO down the line

Quoted post above is a potential use of airdrops too.

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November 27, 2017, 12:37:14 PM
 #10

I'm glad you guys caught it early because it has been a HUGE problem recently.

Unfortunately there will always be people out there who live only to exploit and it's only good and fair that they do not succeed in derailing legit projects as a result.

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November 29, 2017, 03:22:52 AM
 #11

I'm glad the EEC admin brought this up. There's too many fake accounts in BCT. Members creating 50 accounts to take advantage of Airdrops and Bounties. I hope we can find a better way to filter out these fakes from the real ones.

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Acguy
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November 29, 2017, 03:35:25 AM
 #12

Does having a certain amount of ethereum in their wallet not prevent this somewhat?

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