Since the country’s Twitter account announced on February 26th that it will begin taking bitcoin donations, crypto donations to Ukraine have skyrocketed. Since then, the country has received over $40 million in donations, with the total expected to rise.
According to Dune Analytics, the number of unique wallets that gave cryptocurrency to Ukraine in the hours following the country’s airdrop tweet has already surpassed the number of unique wallets that donated before the tweet.
The large spike in donations shows that Ethereum users are attempting to manipulate the airdrop by launching a Sybil attack on Ukraine’s Ethereum wallet. Instead of a single huge payment, a user makes several little donations from multiple wallets using this method. This could allow Ukraine to distribute the award to individual wallets, allowing owners of several donor wallets to receive numerous airdrop tranches.
This method was formerly used by DeFi users to boost their token share in an airdrop. With the current circumstances, it appears that the strategy is being used to manipulate the benefits of donating to a war and geopolitical catastrophe.
So far, no details on what mysterious object or token Ukraine would airdrop to wallets that have given have been revealed. There’s also no clarity on how recipients’ eligibility for airdrops is determined. One strategy the country could employ is to limit airdrops to wallets that have donated a certain amount.
According to the notice, the snapshot will be taken on March 3rd at 6 p.m., Kiev time.
A list of wallets contributed to Ukraine would most likely be included in the snapshot. The snapshot’s timing also suggests that microdonations on Ethereum may continue for at least another day.
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