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All ALT airdrops may just be AltLayer’s internal carnival

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They just guessed the airdrop standard of ALT in advance.

The original author: @WazzCrypto, @Puuurif

Translated by: Luccy, BlockBeats

Editor's note:

On January 23, AltLayer, an Ethereum scaling project, released the Season 1 airdrop rules. It is reported that AltLayer has reserved a total of 300 million ALT tokens (3% of the total supply) for this Season 1 airdrop, which will be distributed to its NFT holders (OG Badge and Oh Ottie! series), "Altitude" event participants, EigenLayer re-staking participants, EigenLayer ecosystem partners, Celestia stakers, and others.

However, according to the analysis of @WazzCrypto and @Puuurif on the chain, it is suspected that AltLayer's internal personnel participated in airdrop manipulation. BlockBeats has compiled and translated the tweet as follows:

This airdrop may have been manipulated

In this small space, there are so many "super brains" who even predict the future. The guys mentioned in the picture just guessed the airdrop standards of ALT two years in advance.

Two years ago, an article mentioned the OG airdrop, while Imajin behaved on social media as an unrelated person, without making the minimum effort required to succeed in this field.

Imajin has not done anything else in the past two years except buying these NFTs from multiple wallets and receiving the first, second, and third largest airdrop distributions on the first day.

0xB3405: A Smart Market Actor

To illustrate this point, 0xB3405 is a typical example.

About 18 days ago, on January 7th (approximately 10 days before taking the snapshot), the wallet holder had a sudden inspiration and spent about 40 ETH to purchase AltLayer's OG badge NFT.

The time has come to January 17th, with the snapshot taken at 12:00 (UTC) and the results announced publicly about 12 hours later. The tweet announcing the snapshot was posted at 11:55 AM UTC.

0xB3405 seems to know everything. Within just 5 minutes before the announcement, he destroyed the badge that had just been obtained by bidding with OS, and it fell into the hands of a user with less information.

Now, if you check the ERC20 transactions of that address, you will notice that the ALT token has been sent to another address starting with 0x1e53ab.

As shown in the above figure, the address starting with 0x1e53ab also received some ALT tokens from another address starting with 0x5ed0723.

If you check the transaction history of 0x5ed0723, you will notice that it purchased an OG badge on the same day as 0xB3405. Within minutes of the tweet being posted, the OG badge was transferred to the blur auction.

If you take a look at the first address (0xB3405), you will notice a very interesting behavior. It first purchases 4 NFTs and then immediately dumps 3, as if realizing that buying too many at once from one wallet would raise suspicion.

Then he turned to use other wallets to make purchases, he is really a smart market actor.

Later, all tokens were sent to Binance. For this high-profit trading strategy, it was a six-figure trading income. Of course, there are other very suspicious wallet activities surrounding this issue, but this is the most obvious one.

This airdrop has many strange aspects, which is actually quite interesting.

oh otties and OG badge activities surged 15-20 minutes before the tweet was posted. It seems that the snapshot announcement may have been leaked on what should have been a calm day, but not referring to the snapshot time itself.

I believe that this is a deliberate spread of false snapshot leaks by insiders, with the aim of obtaining some exit liquidity by guiding people to buy their NFTs frantically upon listing.

This is just my pure speculation, and I have no real evidence to prove it.

But this is another example, which illustrates that the vast majority of airdrops are just another way for teams and insiders to make money by manipulating their own snapshots, but farmers are the real culprits.

积分计划或说流动性挖矿？

(Intended translation):

Points program or liquidity mining?

In addition, this method of airdropping for NFT holders is definitely the worst, allowing insiders to engage in this kind of opaque operation. It may be by design and understandable.

The better approach would be to redeem or destroy the NFT upon claiming, rather than letting the bid be cleared, resulting in a 90% decrease in the value of the NFT.

altlayer Growth Manager or Participant

The "Growth Manager" from altlayer responded to this, "If you don't know the snapshot time, you shouldn't do this. The bid of 8 ETH is too expensive. Where were they when the OG badge was initially priced at 0.3 ETH and most of the time around 2 ETH?"

Twitter account uses the avatar of DigiDaigaku Genesis #1913, which resolves to "doro.eth" ENS. Within 15 minutes of the Twitter announcement, the address was sold for an OG badge through OS auction, which was the first thing I noticed about Altlayer NFT.

There is nothing dramatic about this, it's just that the image of a growth supervisor is not very good, but that's just my opinion. More importantly, it is connected to an address starting with 0x421105 through a transfer via Oh Ottie.

This address is very interesting because its activities are very similar to the activities I introduced earlier. It received the OG badge on December 24th, has held another badge for a long time, and also has some Oh Otties.

Next is snapshot time. Recently, the OG badge was sold for 7.77 ETH 10 minutes before the public snapshot announcement, earning this clever (of course joking) trader a net profit of 2 ETH, plus a 100,000 USD ALT airdrop.