After weeks of buildup from the larger crypto community, Celestia, the modular blockchain that promises to be scalable without compromising security, launched in late October 2023.
Hours after its introduction and TIA listing on many exchanges, including as OKX and KuCoin, the currency is finding it difficult to sustain the initial fervour.
Is The Celestia Airdrop to Blame for TIA’s Drop?
The coin is at a 20% discount to its previous highs and might fall even more. Certain receivers of airdrops, mostly Sybil organisations, are allegedly selling the currency on exchanges that are widely used. Bulls are under increased pressure as a result.
Manipulator Alert: Is Celestia (TIA) Suffering from Large-Scale Dumping,Manipulator Alert: Is Celestia (TIA) Suffering from Large-Scale Dumping
According to Celestia, these winners were among the project’s early users. Six percent of the overall supply, or 60 million TIA, were allotted by the platform for the airdrop.
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Crypto startups typically use airdrops, or free token distribution, as a publicity tactic. In order to obtain tokens, prospective users need to furnish their wallet addresses and engage in active development or platform usage. For instance, in Celestia’s situation, the network dispersed TIA to developers among other people.
TIA from the airdrop is scheduled to be sent to 191,391 locations in total. But a new analysis claims that Sybil organisations control at least 20% of these addresses. Out of the 60 million TIA reserved for the airdrop, 138,981 addresses—or 72% of all accounts—had already claimed almost 44 million on November 1.
Operators of Sybil Group Reaping Huge, Dumping TIA
Researchers believe that the TIA that Sybil organisations obtained through manipulation may lower prices in the future. In theory, a Sybil group of hostile players that fabricate several false personas with the intention of seizing control of a particular network—in this example, Celestia—or maybe upending the airdrop.
Researchers found that Sybil group operators transferred funds to a single address before transferring them to a cryptocurrency exchange, thanks to the several false identities made in order to receive the TIA airdrop.
According to the research, 5.22 million TIA were given to large-scale Sybil gangs that run over 20 deposit addresses. Large Sybil groups with five to twenty addresses, on the other hand, ended up with 6.65 million TIA.
Concurrently, it was suspected that 51,494 addresses belonged to the Sybil group ring, which was given 17.05 million TIA.
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Researchers used this information to find that a profitable Sybil gang that operated 300 airdrop addresses received 77,391 TIA. The 300 airdrop addresses received coins, which were combined into a single address and transmitted to OKX.
The fact that each of the 300 addresses unexpectedly had 258 TIA indicates that Celestia was unaware that the addresses were connected and could have been run by a single organisation.
Manipulator Alert: Is Celestia (TIA) Suffering from Large-Scale Dumping,Manipulator Alert: Is Celestia (TIA) Suffering from Large-Scale Dumping,Manipulator Alert: Is Celestia (TIA) Suffering from Large-Scale Dumping , TIA coin Crypto news, TIA coin News