Bubblemaps Warns of $170M Sybil Attack in MYX Airdrop — Largest Ever?

Blockchain analytics firm Bubblemaps has raised alarms over what it describes as a possible record-breaking Sybil attack, tracing around 100 newly created wallets that claimed $170 million worth of MYX tokens during a recent ￰3￱ a post on X dated September 9, the firm alleged that the wallets collectively secured 9.8 million MYX, equivalent to roughly 1% of the token’s supply. BREAKING: One entity claimed $170M from the $MYX airdrop We traced 100 freshly funded addresses with the exact same onchain activity The biggest airdrop sybil of all time? ￰4￱ — Bubblemaps (@bubblemaps) September 9, 2025 Bubblemaps argued that the suspicious activity appeared coordinated, pointing to identical funding and claiming patterns across the ￰5￱ Finance Faces Scrutiny Over Airdrop Fairness After Sybil Accusations According to the analysis , all 100 wallets were funded through OKX on April 19 at approximately 6:50 a.

m., each receiving similar amounts of ￰6￱ accounts showed no activity prior to the MYX airdrop but became eligible and went on to claim tokens simultaneously on May 7 around 5:30 a. m. “It’s hard to believe this was random,” Bubblemaps wrote, calling it “the biggest airdrop sybil of all time.”) September 9, 2025 The platform explained that apart from its “Cambrian” campaign, where anti-Sybil measures were applied against wash trading bots, other incentive programs have been based purely on trading volume and liquidity provision ￰7￱ project acknowledged that some users requested address changes ahead of launch, including high-volume traders, but said it did not impose prohibitions on such requests.

“Even in cases where a single entity participates extensively, we acknowledge and respect that participation,” MYX Finance ￰8￱ team added that future incentive programs with potential user conflicts will focus more heavily on Sybil prevention, while trading and liquidity rewards will remain open and inclusive. Bubblemaps, however, was unconvinced by the ￰9￱ firm described MYX’s statement as vague and argued that it only deepened suspicion. “Be MYX Finance, launch your token, run an airdrop campaign, 100 Sybil addresses receive 1% of the supply, go from 0 to $20B FDV overnight, and drop a long, vague GPT reply,” the analytics group posted, questioning the credibility of the project’s defense. > be MYX Finance > launch your token > run an airdrop campaign > 100 sybil addresses receive 1% of the supply > go from 0 to $20B FDV overnight > that 1% is now worth $200M > people start asking questions > drop a long, vague GPT-reply > somehow make things even more suspicious >… ￰0￱ ￰10￱ — Bubblemaps (@bubblemaps) September 9, 2025 Despite the controversy, MYX has continued to trade ￰11￱ the time of writing, the token was priced at $17.33, up 6.47% in the past 24 hours, according to data from ￰12￱ figure remains down more than 12% from its all-time high of $18.52, reached on ￰13￱ Manipulation Concerns Grow as MYX Token Trading Surges MYX Finance’s $MYX token launched with strong momentum , its Initial DEX Offering (IDO) on Binance Wallet oversubscribed by 30,296% in collaboration with ￰14￱ token quickly secured listings on Binance Alpha Zone, Bitget, and PancakeSwap, driving its 24-hour trading volume to more than $51 million by May ￰15￱ debut positioned $MYX as one of the most actively traded assets on the BNB Chain.

Yet, alongside this activity, industry experts are raising red flags about growing market manipulation in decentralized finance. A new Chainalysis report estimates that wash trades involving ERC20 and BEP20 tokens accounted for up to $2.57 billion in trading volume on decentralized exchanges in ￰16￱ manipulation tactics like wash trading and artificial trading volume are fueling billions in crypto transactions. @chainalysis breaks down the data. #Blockchain #Crypto ￰1￱ — ￰17￱ (@cryptonews) January 30, 2025 Chainalysis researcher Diane Seo explained that a small number of actors dominate this ￰18￱ address alone executed more than 54,000 repetitive transactions, while another single actor was linked to 16.7% of all identified wash ￰19￱ patterns often serve pump-and-dump schemes , where artificial trading activity attracts investors before orchestrators dump tokens for ￰20￱ trend is ￰21￱ found pump-and-dump schemes rose to 4.52% of market activity in 2024, up from 3.59% the previous ￰22￱ transaction fees on emerging blockchains and Layer 2s have further fueled manipulative ￰23￱ Benthall, CEO of analytics firm Fathom(x), said in the ￰24￱ news report inflated volumes make it increasingly difficult to judge real market ￰25￱ noted that “personality cults” and influencer-driven hype also add to volatility, with one high-profile meme coin collapsing by 90% after launch. @cz_binance proposes a dark pool perp DEX to tackle market manipulation risks. #DeFi #CZ ￰2￱ — ￰26￱ (@cryptonews) June 3, 2025 Former Binance co-founder Changpeng Zhao also stated in June, suggesting decentralized “dark pools ” may be needed to shield large traders from predatory ￰27￱ warned that full on-chain transparency exposes liquidation points, making large leveraged positions vulnerable to coordinated ￰28￱ MYX and other new tokens draw heavy trading interest, the question remains whether regulators and platforms can contain manipulation before it erodes investor trust.