Research by Bubblemaps suggests a significant Sybil attack in the cryptocurrency industry linked to a recent MYX token airdrop.
What Bubblemaps Discovered
Bubblemaps reports that nearly 100 newly created wallets collectively claimed 9.8 million MYX tokens, equating to approximately $170 million. The report indicated these wallets received similar amounts of BNB from OKX exchange minutes before the airdrop, raising doubts about the legitimacy of token distribution. 'It’s hard to believe this was random,' Bubblemaps stated, suggesting this could be 'the biggest airdrop Sybil of all time.'
MYX's Response to Accusations
MYX Finance, the decentralized exchange behind the airdrop, defended its token distribution process, claiming rewards were based on actual trading and liquidity contributions. The team acknowledged that some large traders did request wallet address changes before launch, asserting these requests were to encourage participation. 'As a decentralized exchange, we prioritize participation,' MYX stated. However, Bubblemaps found the response vague and even suspicious.
Growing Danger of Airdrop Manipulations
The MYX case highlights the rising sophistication of airdrop manipulation. Other examples, such as a 30,000-phone airdrop farm in Vietnam, demonstrate how illegal operations can distort token distribution. Airdrop farm kits are also available to facilitate mass operations using modified devices. This trend turns airdrop exploitation into a global industry, posing a threat to billions of dollars in token value.
This controversy underscores the critical need for enhanced anti-manipulation measures in token distribution, which may affect project reputations and their legitimacy going forward.
