XEN Price down 99.8% - the Top Gas Guzzler on Ethereum

[amberrrr789]

As it consumed more gas than other projects on the Ethereum blockchain, the XEN project garnered a lot of attention from the cryptocurrency community. XEN's price peaked at $0.01819 on the day it was originally listed on MEXC Global. The price of XEN, however, fell precipitously as a result of exploiter attacks on the FTX market. At the time of writing, XEN's low price is $0.00002839, which is 99.8% less than its all-time high, and actually lower than the launching initial price of $0.0001. What happened specificly, then? Allow me to explain.

A report from X-explore that was released a week ago claims that the attacker took advantage of FTX by launching an attack contract on the network and sending a small sum of ETH from FTX to the contract. A MINT-XEN function was performed by each of the one to three subcontracts that were generated by each transaction before they self-destructed. Each transaction was funded using the FTX hot wallet. In other words, the exploiter got the chance to develop FREE XEN! This is because FTX allows free withdrawals.

According to the study, even though FTX lost over 81 ETH due to the gas theft, the exploiter still made over 100 million XEN tokens. Following the attack, the exploiter bought XEN tokens for 61 ETH and sold them on decentralized exchanges like Uniswap. The attack might continue.

XEN also faces Sybil attacks when unpleasant things happen in pairs. A different X-explore report indicates that 67,685 Sybil attack addresses, or 80.54% of all participating addresses, were active on the platform on October 12. Additionally, since XEN's launch, 335,000 Sybil addresses have accrued, accounting for 45% of all addresses as of October 12.