“MagNetic X (MAG), Decentralized Finance Protocol on XRP Ledger, Accused of Spamming XRPL Accounts Again”

Alloy Networks, the XRP Ledger verification entity, and its “parallel chain” Xahau, have shared details about another unwanted memo attack initiated by a service built on XRPL. Tens of thousands of messages promoting a single DeFi protocol were sent to new wallet addresses on the chain, marking it as one of the latest incidents.

30,000 Unwanted Messages to XRP Wallets: Here’s What Happened

On November 10, 2023, over 30,000 messages were sent in the “memo” field, including random corresponding data with each transaction. The Alloy Networks team noted that this massive spam attack likely originated from MagNetic X (MAG), an ecosystem for decentralized finance services on XRPL.

In addition to the immense transaction load on the XRP Ledger, this attack led to the bloat of the entire blockchain, requiring full ledger servers (archive RPC nodes) to store this data indefinitely.

Thomas Selkjær, Head of Analytics and Compliance at the XRP Ledger Foundation, identified two involved addresses in the attack and estimated that the net count of messages sent could exceed 110,000.

Representatives from XRPL Labs, a major XRP-focused development studio, affirmed that this activity appears to be a “pure waste” of the ledger, and they are receiving numerous perplexed comments from account holders on the chain.

As previously covered by chinwa.tech , magnetic X (MAG) has already initiated several email spam attacks. These types of attacks involve sending messages to all newly activated accounts.

At that time, the MagNetic X team stated that the campaign was “educational.”

Addressing Unwanted Memos on XRPL: Solutions Proposed

Various XRP community members have proposed different solutions for unwanted memo issues. Some have suggested that it could be addressed by enabling hook amendments.

Other enthusiasts have proposed imposing the lowest possible transaction fees for sending memo messages: as little as one drop, which is one millionth of XRP, for each character in the message.

Finally, more radical critics have recommended magnetic X (MAG) operate their own side chain to halt the wasteful account resource consumption for XRPL in suspicious campaigns.

Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.

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