$170 Million Airdrop Under Fire as MYX Faces Sybil Attack Allegations

Key Highlights 100 wallets linked to MYX Finance received $170M in tokens Experts call it the biggest suspected Sybil attack in crypto Bubble Maps demands MYX explain suspicious wallet activity MYX Finance Faces $170 Million Airdrop Scandal Experts from the Bubble Maps analytics project have uncovered troubling links between the team behind MYX Finance and a cluster of wallets that allegedly received $170 million during the project’s ￰0￱ team has strongly denied the allegations, but the case is already being called one of the biggest suspected Sybil attacks in crypto ￰1￱ MYX airdrop launched in early May 2025, with 14.7% of the total supply of one billion tokens distributed to ￰2￱ the Token Generation Event (TGE) day, only 30% of tokens were immediately available, while the remainder was locked in a vesting schedule with monthly ￰3￱ most, it looked like a standard ￰4￱ by September 9, 2025, Bubble Maps claimed to have found unusual patterns pointing to possible ￰5￱ Suspected Sybil Attack Investigators discovered that 100 addresses received identical deposits from the OKX exchange on April 19, 2025 — just before the ￰6￱ wallets showed no activity prior to claiming their tokens on May 7.

Together, they secured 9.8 million MYX, valued at $170 ￰7￱ suspiciously, Bubble Maps traced connections between one of these wallets and the founder of MYX ￰8￱ linked the founder’s known address (0x8eEB) to another account in the cluster, which followed the same pattern as 95 other Sybil ￰9￱ of the addresses even sent $2.8 million in tokens to another wallet identified as belonging to the ￰10￱ Finance Responds The MYX Finance team issued a late response, firmly denying the ￰11￱ argued that most wallets received “fair compensation for real participation,” while some larger holders had simply requested address changes before the ￰12￱ Maps, however, called the explanation “vague” and demanded clarity: why did the cluster of wallets behave in such a coordinated way, and why was one of them directly tied to the project’s creator?

Lessons From Other Projects Other projects have faced similar ￰13￱ example, LayerZero tackled Sybil abuse by inviting users to “hunt” suspected scammers, rewarding them with a share of the seized ￰14￱ MYX Finance will take similar steps or face lasting reputational damage remains to be seen.