$MYX Team Accused in $170M Airdrop Scandal – Inside Job Now Confirmed?
Blockchain analytics agency Bubblemaps has escalated allegations of misconduct towards decentralized trade MYX Finance, claiming the venture’s core workforce is straight tied to wallets that siphoned $170 million price of MYX tokens from a current airdrop.
The agency’s findings increase questions on what could also be one of many largest Sybil assaults ever recorded in the crypto sector.
Fresh Analysis Ties MYX Creator to Wallets Behind Suspicious Token Claims
The controversy first surfaced on September 9 when Bubblemaps revealed an evaluation pointing to around 100 newly created wallets that claimed 9.8 million MYX tokens, roughly 1% of the venture’s provide.
@bubblemaps has flagged a doable $170M Sybil assault in the @MYX_finance airdrop, alleging 100 wallets secured 1% of provide.#Crypto #MYX #Airdrophttps://t.co/c8dOGLEXIi
— Cryptonews.com (@cryptonews) September 10, 2025
Valued at greater than $170 million on the time, the tokens have been allegedly secured in a coordinated style, with every pockets funded by OKX on April 19 and later claiming tokens concurrently on May 7.
Bubblemaps described the sample as “the largest airdrop Sybil of all time.”
MYX, which noticed its absolutely diluted valuation soar to $17 billion inside 48 hours of launch, was fast to defend itself. The venture acknowledged that some customers requested handle adjustments earlier than launch, however denied any wrongdoing.
In an announcement, MYX Finance insisted that its reward campaigns have been designed to stay open and inclusive, even permitting large-scale participation, and pledged to strengthen Sybil protections in the long run.
That rationalization, nevertheless, did little to ease issues. Bubblemaps returned with recent proof as we speak, saying its new evaluation exhibits a direct connection between MYX’s creator pockets and one of many addresses concerned in the suspicious exercise.
According to the blockchain data, the path started with the creator’s pockets, 0x8eEB, and prolonged throughout a number of chains, finally linking to pockets 0x4a31.
This handle, Bubblemaps mentioned, matched the identical funding and claiming patterns because the 95 different Sybil wallets recognized earlier.
What stood out, the agency famous, was that pockets 0x4a31 despatched $2.8 million price of MYX to a deposit handle, 0xeb5A, which has been linked on to the venture’s creator.
Bubblemaps argued that this overlap can’t be dismissed as a coincidence.
“If these 100 wallets actually have been unbiased, why do all of them share the identical funding and claiming sample? Why does one share a deposit handle with the token creator?” the firm asked in its newest publish.
The accusations have added gasoline to rising doubts across the legitimacy of MYX’s token distribution. The suspected Sybil allocation, price over $200 million at its peak earlier than token costs corrected, has forged a shadow over the venture’s speedy rise.
Analysts argue that if confirmed, the scandal may undermine belief not solely in MYX but additionally in the broader credibility of token distribution campaigns.
As of yesterday, MYX Finance maintained its place that the distribution course of was truthful. The venture emphasised that solely its “Cambrian” marketing campaign had strict anti-Sybil measures in place, whereas different incentive packages centered on buying and selling quantity and liquidity provision.
MYX additionally careworn that it revered participation from all customers, together with these with in depth involvement.
But Bubblemaps has dismissed these responses as inadequate. The analytics agency described MYX’s assertion as imprecise and even likened it to an AI-generated reply, questioning the venture’s willingness to deal with the particular on-chain hyperlinks uncovered.
“Be MYX Finance, launch your token, run an airdrop marketing campaign, 100 Sybil addresses obtain 1% of the provision, go from 0 to $20B FDV in a single day, and drop an extended, imprecise GPT reply,” Bubblemaps wrote.
The investigation is ongoing, and MYX has but to supply an in depth rebuttal to the direct pockets connections offered by Bubblemaps.
$MYX Price Falls Amid Renewed Focus on Team-Led Sybil Attack on Airdrop
$MYX has come underneath stress following recent scrutiny over a suspected airdrop scandal.
According to CoinMarketCap, the token is buying and selling at $13.81, down 17% in the final 24 hours, although nonetheless up greater than 1,000% over the previous week.
The allegations middle on what analysts describe as a Sybil assault, the place multiple wallets are used to claim outsized rewards.
Often pushed by greed slightly than sabotage, the tactic has change into a recurring difficulty throughout crypto. Projects now deploy superior monitoring instruments to detect such habits, however attackers proceed to adapt.
Past circumstances spotlight the dimensions of the issue. In 2023, one actor controlled 21,877 wallets on zkSync utilizing bots that mimicked regular buying and selling exercise. The scheme prices simply $1.50 to $2 in ETH charges per pockets, making detection tough.
In 2024, Solana-based Io.internet was hit by a Sybil exploit that spoofed 1.8 million GPUs to claim rewards, forcing the community to overtake its safety mannequin.
The controversy round MYX exhibits that even high-profile tasks stay susceptible. As token launches appeal to large sums, Sybil exercise continues to check the boundaries of crypto’s defenses.
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