Crypto attacks have been on the rise in recent times. According to Chainanalysis, October was the biggest month for crypto hacking activity, with more than $760 million lost during the 31-day period and over $3 billion syphoned off this year alone. One of the reasons for this spike is the ever-increasing number of methods hackers are using to infiltrate crypto platforms. However, perhaps the most feared type of exploit, known as a Sybil Attack, has been around for years and could prove disastrous for a blockchain network if successfully carried out. A Sybil Attack is an online exploit where hackers infiltrate a network by controlling multiple computers or accounts. Such attacks aim to gain majority control of a network and use it to influence transactions and other functions of the network. In the world of Web3, these attacks typically refer to a malicious entity operating multiple nodes to gain control of a blockchain network. The aim of carrying out a Sybil attack is to gain significant influence over the network to carry out illegal activities while still adhering to the fundamental rules and regulations of the system. A single computer or entity can create multiple IP address-based user accounts, which to an external observer will appear as original unique identities, although they are not.

Full story : Sybil Attacks: What are they and how do blockchains mitigate them?