Sybil Wallets Snatch Solana WET Presale, Draining Millions
A coordinated Sybil attack used thousands of disposable bot wallets to snipe the Solana-based WET presale, capturing the majority of allocation within seconds and reportedly draining millions of dollars in value. The presale ran via Jupiter’s aggregator and HumidiFi — the Solana AMM — confirmed the exploit, paused the launch, and announced a probe plus remedial measures including creating a new token and pro‑rata airdrops for verified buyers while excluding identified snipers. Blockchain analytics firm Bubblemaps traced clusters of at least ~1,100 suspicious wallets among ~1,530 participants, noting identical funding patterns often seeded from exchanges. There were no reports of a direct compromise to Solana’s network or the presale smart contracts; the breach exploited weak anti‑Sybil controls and disposable address tactics. Market reactions included delayed token deposits and liquidity plans, flagged sales on some centralized platforms, and reduced community trust. For traders: expect heightened short‑term volatility in WET and related Solana (SOL) assets, increased caution around on‑chain presales, and stronger demand for projects implementing KYC, algorithmic Sybil detection, or manual vetting. Monitor on‑chain activity, presale rules, and any follow‑up airdrop or re‑launch details that could materially affect supply and price.
Bearish
The Sybil exploit directly undermines the WET token’s immediate market integrity and supply expectations. In the short term, the announcement of a compromised presale, paused distributions, and potential re‑launch/airdrop introduces selling pressure and uncertainty — traders will likely reduce bids, increase sell orders, or avoid exposure until remedial measures are clarified, driving downward price action. The exclusion of sniper wallets and planned pro‑rata airdrops could further alter effective circulating supply and distribution timing, creating additional volatility. Over the medium to long term the impact depends on remediation: if the project executes transparent, credible recovery (clear airdrop rules, KYC for eligible buyers, audited contracts), trust can recover; if governance is unclear or the re‑launch is delayed, persistent negative sentiment may keep price depressed. Historical precedent shows token launches hit by Sybil/sniping typically face immediate sell pressure and prolonged liquidity challenges until distribution and anti‑Sybil controls are resolved.