Bubblemaps, a blockchain analytics company, has pointed to a large-scale case of airdrop manipulation involving the MYX token.
In a September 10 post on X, the company identified about 100 digital wallets that showed identical behavior and collected nearly 10 million MYX tokens, valued at around $170 million.
The investigation began when Bubblemaps noticed that these wallets received BNB
$3.29B
, within a short timeframe. These deposits happened a month before MYX’s token distribution.
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The wallets had no previous transaction history and became active only to claim tokens.
On May 7, these addresses claimed their tokens in close succession. Bubblemaps argued that the timing and uniformity of the claims suggested they were not unrelated users, but likely part of a coordinated effort.
This behavior resembled a “Sybil attack”, where one person controls many accounts to unfairly benefit from reward systems.
In response, MYX Finance stated in a post on X that rewards were based on actual usage, specifically trading and liquidity activity on their platform. They added that the airdrop was part of the “Cambrian” campaign, which included measures to prevent manipulation.
The project also acknowledged that some participants had asked to change wallet addresses before the launch. According to MYX, these requests were approved to encourage participation in the program.
However, Bubblemaps did not find the project’s explanation convincing. The team criticized MYX’s statement for being vague and even suggested it read like it was written by artificial intelligence (AI).
Recently, blockchain security firm PeckShield reported that a user on Venus Protocol lost $13.5 million. How? Read the full story.
