Recently, analytics firm Bubblemaps reported the possibility of the largest Sybil attack in crypto history related to a recent MYX token distribution.
Detection of the Sybil Attack
Bubblemaps identified around 100 newly funded wallets that claimed 9.8 million MYX tokens, worth $170 million, from a recent airdrop. In a series of posts on platform X, the analytics firm noted that the wallets received similar amounts of BNB from crypto exchange OKX within minutes of each other, nearly a month before the airdrop.
"Everyone is talking about MYX hitting a $17B FDV and a 20x in under 48 hours. But we spotted something unusual. Something no one is mentioning," Bubblemaps stated. The firm emphasized that these wallets had no prior activity and claimed MYX at nearly the same time.
MYX's Response to Allegations
In response to the Sybil claims, MYX Finance defended its token distribution, asserting that rewards were based on actual trading and liquidity provider contributions. It also mentioned anti-Sybil safeguards under its "Cambrian" campaign. MYX acknowledged that some high-volume users requested address changes before launch, but said such requests were permitted to encourage participation.
"As a decentralized perpetual DEX, we always prioritize user participation," the company remarked.
Airdrop Manipulations
As reported by Cointelegraph Magazine in July, crypto airdrop manipulation has become a sophisticated business. In Vietnam, Mirai Labs CEO Corey Wilton discovered a phone farm packed with over 30,000 devices, each equipped with SIM cards, spoofed IPs, and unique fingerprints, to mimic real users and exploit token giveaways. This operation goes beyond farming, as its main business is manufacturing and selling airdrop farming kits internationally.
The situation with MYX underscores the increasing complexity and seriousness of issues related to manipulation in the area of crypto airdrops. The analysis from Bubblemaps may signal a turning point for stricter measures to protect token distributions.
