TL;DR
- Bubblemaps detected around 100 newly created addresses that claimed 9.8 million tokens during the MYX airdrop, valued at $170M.
- MYX Finance defended its reward system and admitted allowing address changes before launch, arguing it aimed to encourage participation.
- Bubblemaps challenged MYX’s response, saying it only heightened suspicions of irregularities.
Blockchain analytics firm Bubblemaps has denounced a massive Sybil attack on the MYX airdrop, which could become the largest case ever recorded in the crypto industry.
What Happened?
According to the investigation, around 100 addresses created shortly before the event claimed 9.8 million MYX tokens, equivalent to $170 million. These addresses received similar BNB transfers from the OKX exchange within minutes, nearly a month before the distribution, pointing to a coordination that is hard to attribute to chance.
Bubblemaps explained that all the addresses acted in sync, had no prior activity, and joined the airdrop almost simultaneously on May 7 at 5:30 am. The firm labeled the maneuver as the largest fraud of its kind during an airdrop. Its analysis emerged as MYX surged to a $17 billion market valuation in under two days, a climb that drew attention but also raised doubts about the event’s legitimacy.
MYX Finance Defended Its Airdrop Mechanism
MYX Finance responded by defending the mechanism it used to allocate rewards. It stated that the process was based on trading activity and liquidity contributions, while also mentioning anti-abuse safeguards within its Cambrian campaign.
The platform admitted that it allowed address change requests before launch, arguing the measure was meant to encourage participation. It also claimed that, as a decentralized perpetual exchange, it prioritizes inclusivity for all types of users, even when a single entity concentrates large volumes of activity.
Bubblemaps disputed this explanation, stating that the response lacked clarity and even seemed AI-generated. The firm warned that, instead of clearing doubts, the statement deepened suspicions of irregularities during the airdrop.
The MYX token is currently trading at $17.33, up 6.47% on the day, though still below its all-time high of $18.52 reached the previous day. This case highlights a recurring issue in airdrops: the proliferation of large-scale farming setups designed to mimic thousands of users. Recent examples include facilities in Vietnam hosting more than 30,000 phones, each tied to a fake digital identity. These farms not only exploit distributions but also sell kits that allow the practice to be replicated globally.
