{"id":50930,"date":"2021-10-09T14:30:53","date_gmt":"2021-10-09T11:30:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50930"},"modified":"2025-09-02T20:57:03","modified_gmt":"2025-09-02T17:57:03","slug":"divergence-ventures-analyst-earned-2-4-million-via-ribbon-airdrop-exploit","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/divergence-ventures-analyst-earned-2-4-million-via-ribbon-airdrop-exploit\/","title":{"rendered":"Divergence Ventures Analyst Earned $2.4 Million via Ribbon Airdrop Exploit"},"content":{"rendered":"<p>A Divergence Ventures analyst Bridget Harris used an exploit that emerged during Ribbon&#8217;s May airdrop and earned more than $2.4 million in RBN tokens.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">this <a href=\"https:\/\/twitter.com\/divdotvc?ref_src=twsrc%5Etfw\">@divdotvc<\/a> analyst <a href=\"https:\/\/twitter.com\/_bridgeharris?ref_src=twsrc%5Etfw\">@_bridgeharris<\/a> has made 652 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> and counting from <a href=\"https:\/\/twitter.com\/ribbonfinance?ref_src=twsrc%5Etfw\">@ribbonfinance<\/a> airdrops, quite impressive. finding wallets like their\u2019s and copytrading them is probably the best way to make it tbh<a href=\"https:\/\/t.co\/vqC1LjyfT3\">https:\/\/t.co\/vqC1LjyfT3<\/a><\/p>\n<p>\u2014 Gabagool.\u039eth \ud83e\udd40 (@gabagooldoteth) <a href=\"https:\/\/twitter.com\/gabagooldoteth\/status\/1446498569603756033?ref_src=twsrc%5Etfw\">October 8, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Ribbon Finance project team configured token distribution to ensure that \u201csmaller depositors\u201d benefited more from the airdrop.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">However, due to the whale-centric nature of many DeFi applications, most of the liquidity comes from a small number of addresses. \ud83d\udc33<\/p>\n<p>We wanted to create a more equitable distribution, so we applied a transformation on the distribution that favored smaller depositors.<\/p>\n<p>\u2014 Ribbon Finance (@ribbonfinance) <a href=\"https:\/\/twitter.com\/ribbonfinance\/status\/1397919630631444495?ref_src=twsrc%5Etfw\">May 27, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab\u0418\u0437-\u0437\u0430 \u043e\u0440\u0438\u0435\u043d\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0433\u043e \u043d\u0430 \u043a\u0438\u0442\u043e\u0432 \u0445\u0430\u0440\u0430\u043a\u0442\u0435\u0440\u0430 \u043c\u043d\u043e\u0433\u0438\u0445 <span data-descr=\"decentralized finance\" class=\"old_tooltip\">DeFi<\/span>-\u043f\u0440\u0438\u043b\u043e\u0436\u0435\u043d\u0438\u0439 \u0431\u043e\u043b\u044c\u0448\u0430\u044f \u0447\u0430\u0441\u0442\u044c \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u0438 \u043f\u043e\u0441\u0442\u0443\u043f\u0430\u0435\u0442 \u0441 \u043e\u0433\u0440\u0430\u043d\u0438\u0447\u0435\u043d\u043d\u043e\u0433\u043e \u0447\u0438\u0441\u043b\u0430 \u0430\u0434\u0440\u0435\u0441\u043e\u0432. \u041c\u044b \u0445\u043e\u0442\u0435\u043b\u0438 \u0441\u043e\u0437\u0434\u0430\u0442\u044c \u0431\u043e\u043b\u0435\u0435 \u0441\u043f\u0440\u0430\u0432\u0435\u0434\u043b\u0438\u0432\u0443\u044e \u0441\u0438\u0441\u0442\u0435\u043c\u0443 \u0440\u0430\u0441\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u0438\u044f, \u043f\u043e\u044d\u0442\u043e\u043c\u0443 \u043f\u0440\u0438\u043c\u0435\u043d\u0438\u043b\u0438 \u043a \u043d\u0435\u0439 \u043f\u0440\u0435\u043e\u0431\u0440\u0430\u0437\u043e\u0432\u0430\u043d\u0438\u0435, \u043a\u043e\u0442\u043e\u0440\u043e\u0435 \u0441\u043e\u0434\u0435\u0439\u0441\u0442\u0432\u0443\u0435\u0442 \u0443\u0447\u0430\u0441\u0442\u0438\u044e \u0431\u043e\u043b\u0435\u0435 \u043c\u0435\u043b\u043a\u0438\u0445 \u0432\u043a\u043b\u0430\u0434\u0447\u0438\u043a\u043e\u0432\u00bb, \u2014 \u043d\u0430\u043f\u0438\u0441\u0430\u043b\u0430 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u044f \u0432 \u043c\u0430\u0435.<\/p>\n<\/blockquote>\n<p>Because Divergence Ventures is an investor in Ribbon Finance, Harris was familiar with this system and could anticipate the forthcoming token unlocks. Using a large number of wallets, she sent transfers of 0.148 ETH to the project&#8217;s address. For each such transaction, the analyst received about 15,400 RBN.<\/p>\n<p>On October 7, the project&#8217;s community voted for token unlocks \u2014 users could trade assets. According to CoinGecko, at launch RBN traded near $4.4. In the sale, Harris earned 702 ETH (~$2.47 million at the time of writing).<\/p>\n<p>Against this backdrop, the price of RBD fell 17%, to $3.27.<\/p>\n<p>The community accused Harris and Divergence Ventures of unethical behavior \u2014 the analyst may have used insider information to profit.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">4\/7<\/p>\n<p>If the VC firm had insider info on the farming and took advantage of that, it\u2019s super shitty and other projects should seriously avoid letting them into rounds.<\/p>\n<p>But that\u2019s on them and not on Ribbon.<\/p>\n<p>\u2014 Adam Cochran (@adamscochran) <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1446646638085382150?ref_src=twsrc%5Etfw\">October 9, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ribbon Finance&#8217;s community manager refuted these accusations. Divergence Ventures itself admitted that it had \u201ccrossed a line,\u201d and asked the community not to harass Harris, who \u201cis not well-versed in cryptocurrencies and is still learning.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/6<a href=\"https:\/\/twitter.com\/_bridgeharris?ref_src=twsrc%5Etfw\">@_bridgeharris<\/a> is a brilliant young woman new to crypto and still in college. Don\u2019t drag her, drag us (<a href=\"https:\/\/twitter.com\/glambeth94?ref_src=twsrc%5Etfw\">@glambeth94<\/a> <a href=\"https:\/\/twitter.com\/cjliu49?ref_src=twsrc%5Etfw\">@cjliu49<\/a>) we run Divergence, and we\u2019ve been in the space for many years.<\/p>\n<p>We realized that in sybil-ing the <a href=\"https:\/\/twitter.com\/search?q=%24RBN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$RBN<\/a> airdrop, we crossed a line. A few notes:<\/p>\n<p>\u2014 Divergence Ventures (@divdotvc) <a href=\"https:\/\/twitter.com\/divdotvc\/status\/1446522545503563777?ref_src=twsrc%5Etfw\">October 8, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The company also confirmed that these actions were part of a deliberate strategy. Divergence Ventures was a minority investor in Ribbon Finance (its check was $25 000), so it did not have insider information \u2014 the firm \u201csimply suspected there would be an airdrop.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab\u041e\u0434\u043d\u0430 \u0438\u0437 \u0437\u0430\u0434\u0430\u0447 Divergence Ventures \u2014 \u0437\u0430\u0440\u0430\u0431\u0430\u0442\u044b\u0432\u0430\u0442\u044c \u0434\u0435\u043d\u044c\u0433\u0438. \u0412 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u0435 \u044d\u0442\u043e\u0442 \u043f\u0440\u043e\u0446\u0435\u0441\u0441, \u043a\u0430\u043a \u043f\u0440\u0430\u0432\u0438\u043b\u043e, \u043f\u043e\u0445\u043e\u0436 \u043d\u0430 \u0438\u0433\u0440\u0443 \u2014 \u043e\u0431\u0435\u0440\u043d\u0443\u0442\u044b\u0435 \u0442\u043e\u043a\u0435\u043d\u044b, \u043a\u0440\u043e\u0441\u0441\u0447\u0435\u0439\u043d, \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u0438, \u0441\u0442\u0435\u0439\u043a\u0438\u043d\u0433, \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u044f, \u0441\u0436\u0438\u0433\u0430\u043d\u0438\u0435, \u0444\u0430\u043a\u0446\u0438\u043e\u043d\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435\u2026 \u0438 \u0443\u0447\u0430\u0441\u0442\u0438\u0435 \u0432 \u044d\u0438\u0440\u0434\u0440\u043e\u043f\u0430\u0445. \u0418\u0433\u0440\u0430\u044f \u0432 \u044d\u0442\u0443 \u0438\u0433\u0440\u0443, \u043c\u044b \u043f\u043e\u0441\u0442\u043e\u044f\u043d\u043d\u043e \u043f\u0440\u043e\u0431\u0443\u0435\u043c \u0440\u0430\u0437\u043d\u044b\u0435 \u0442\u0430\u043a\u0442\u0438\u043a\u0438. \u0411\u043e\u043b\u044c\u0448\u0438\u043d\u0441\u0442\u0432\u043e \u043e\u043a\u0430\u0437\u044b\u0432\u0430\u044e\u0442\u0441\u044f \u043d\u0435\u0443\u0434\u0430\u0447\u043d\u044b\u043c\u0438. \u042d\u0442\u0430 \u201c\u0440\u0430\u0431\u043e\u0442\u0430\u043b\u0430\u201d, \u0440\u0430\u0431\u043e\u0442\u0430\u043b\u0430, \u043e\u0447\u0435\u0432\u0438\u0434\u043d\u043e, \u043e\u0442\u043d\u043e\u0441\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u0443\u0441\u043f\u0435\u0448\u043d\u043e\u00bb, \u2014 \u043d\u0430\u043f\u0438\u0441\u0430\u043b\u0430 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u044f.\u00a0<\/p>\n<\/blockquote>\n<p>The cryptocurrency Harris received was returned to the project&#8217;s treasury by Divergence Ventures. By vote, the Ribbon community can decide what to do with the assets.<\/p>\n<p>In September, the NFT marketplace OpenSea fired an employee <a href=\"https:\/\/u1f987.com\/en\/news\/opensea-fires-employee-implicated-in-insider-trading\">was caught in insider trading<\/a>.<\/p>\n<p>Later, the head of the platform Devin Finzer said that the employee&#8217;s actions <a href=\"https:\/\/u1f987.com\/en\/news\/opensea-chief-says-former-employee-did-not-engage-in-insider-trading\">cannot be characterized in this way<\/a>, because the company \u201cdoes not regard NFTs as financial assets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Divergence Ventures analyst Bridget Harris exploited the Ribbon project&#8217;s May airdrop exploit and earned more than $2.4 million in RBN tokens.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,596],"class_list":["post-50930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50930"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50930\/revisions"}],"predecessor-version":[{"id":50931,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50930\/revisions\/50931"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}