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 airdrop.
In 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? pic.twitter.com/Q8YhZUO7jt
— Bubblemaps (@bubblemaps) September 9, 2025
Bubblemaps argued that the suspicious activity appeared coordinated, pointing to identical funding and claiming patterns across the addresses.
MYX 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 BNB.
The 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.”
Source: Bubblemaps
The allegations come as MYX has drawn attention for its meteoric rise, with its fully diluted valuation surging to $17 billion within 48 hours of launch.
At one point, the value of the suspected Sybil allocation exceeded $200 million before token prices eased.
Responding to the claims, MYX Finance defended its distribution process. In a statement, the decentralized exchange said it has always prioritized fairness and openness in campaign rewards.
As a decentralized exchange, MYX has always upheld the principles of fairness and openness. Apart from the “Cambrian” campaign, where anti-sybil measures were applied to the fee-free campaign towards bots that wash traded extensively , all other campaign rewards have been…
— MYX.Finance (@MYX_Finance) 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 contributions.
The 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 said.
The 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 explanation. The 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
>… https://t.co/YHlo0Sl8xZ pic.twitter.com/5wujlNHXnm
— Bubblemaps (@bubblemaps) September 9, 2025
Despite the controversy, MYX has continued to trade actively. At the time of writing, the token was priced at $17.33, up 6.47% in the past 24 hours, according to data from CoinMarketCap.
The figure remains down more than 12% from its all-time high of $18.52, reached on Tuesday.
Market 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 Pancakeswap.
The token quickly secured listings on Binance Alpha Zone, Bitget, and PancakeSwap, driving its 24-hour trading volume to more than $51 million by May 7.
The 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 2024.
Market manipulation tactics like wash trading and artificial trading volume are fueling billions in crypto transactions. @chainalysis breaks down the data.#Blockchain #Cryptohttps://t.co/AVQC13JVR7
— Cryptonews.com (@cryptonews) January 30, 2025
Chainalysis researcher Diane Seo explained that a small number of actors dominate this behavior.
One address alone executed more than 54,000 repetitive transactions, while another single actor was linked to 16.7% of all identified wash trades.
Such patterns often serve pump-and-dump schemes, where artificial trading activity attracts investors before orchestrators dump tokens for profit.
The trend is accelerating. Chainalysis found pump-and-dump schemes rose to 4.52% of market activity in 2024, up from 3.59% the previous year. Lower transaction fees on emerging blockchains and Layer 2s have further fueled manipulative practices.
Blake Benthall, CEO of analytics firm Fathom(x), said in the Crypto.com news report inflated volumes make it increasingly difficult to judge real market activity.
He 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 #CZhttps://t.co/Ap74MlvVeP
— Cryptonews.com (@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 strategies.
He warned that full on-chain transparency exposes liquidation points, making large leveraged positions vulnerable to coordinated attacks.
As MYX and other new tokens draw heavy trading interest, the question remains whether regulators and platforms can contain manipulation before it erodes investor trust.
The post Bubblemaps Warns of $170M Sybil Attack in MYX Airdrop — Largest Ever? appeared first on Cryptonews.
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