Blockchain analytics firm Bubblemaps has escalated allegations of misconduct against decentralized exchange MYX Finance, claiming the project’s core team is directly tied to wallets that siphoned $170 million worth of MYX tokens from a recent airdrop.
The firm’s findings raise questions about what may be one of the largest Sybil attacks ever recorded in the crypto sector.
Fresh Analysis Ties MYX Creator to Wallets Behind Suspicious Token Claims
The controversy first surfaced on September 9 when Bubblemaps published an analysis pointing to around 100 newly created wallets that claimed 9.8 million MYX tokens, roughly 1% of the project’s supply.
Valued at more than $170 million at the time, the tokens were allegedly secured in a coordinated fashion, with each wallet funded through OKX on April 19 and later claiming tokens simultaneously on May 7.
Bubblemaps described the pattern as “the biggest airdrop Sybil of all time.”
MYX, which saw its fully diluted valuation soar to $17 billion within 48 hours of launch, was quick to defend itself. The project acknowledged that some users requested address changes before launch, but denied any wrongdoing.
In a statement, MYX Finance insisted that its reward campaigns were designed to remain open and inclusive, even allowing large-scale participation, and pledged to strengthen Sybil protections in the future.
That explanation, however, did little to ease concerns. Bubblemaps returned with fresh evidence today, saying its new analysis shows a direct connection between MYX’s creator wallet and one of the addresses involved in the suspicious activity.
According to the blockchain data, the trail began with the creator’s wallet, 0x8eEB, and extended across multiple chains, eventually linking to wallet 0x4a31.
This address, Bubblemaps said, matched the same funding and claiming patterns as the 95 other Sybil wallets identified earlier.
What stood out, the firm noted, was that wallet 0x4a31 sent $2.8 million worth of MYX to a deposit address, 0xeb5A, which has been linked directly to the project’s creator.
Bubblemaps argued that this overlap cannot be dismissed as a coincidence.
“If these 100 wallets really were independent, why do they all share the same funding and claiming pattern? Why does one share a deposit address with the token creator?” the firm asked in its latest post.
The accusations have added fuel to growing doubts around the legitimacy of MYX’s token distribution. The suspected Sybil allocation, worth over $200 million at its peak before token prices corrected, has cast a shadow over the project’s rapid rise.
Analysts argue that if proven, the scandal could undermine trust not only in MYX but also in the broader credibility of token distribution campaigns.
As of yesterday, MYX Finance maintained its position that the distribution process was fair. The project emphasized that only its “Cambrian” campaign had strict anti-Sybil measures in place, while other incentive programs focused on trading volume and liquidity provision.
MYX also stressed that it respected participation from all users, including those with extensive involvement.
But Bubblemaps has dismissed these responses as insufficient. The analytics firm described MYX’s statement as vague and even likened it to an AI-generated reply, questioning the project’s willingness to address the specific on-chain links uncovered.
“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,” Bubblemaps wrote.
The investigation is ongoing, and MYX has yet to provide a detailed rebuttal to the direct wallet connections presented by Bubblemaps.
$MYX Price Falls Amid Renewed Focus on Team-Led Sybil Attack on Airdrop
$MYX has come under pressure following fresh scrutiny over a suspected airdrop scandal.
According to CoinMarketCap, the token is trading at $13.81, down 17% in the last 24 hours, though still up more than 1,000% over the past week.
The allegations center on what analysts describe as a Sybil attack, where multiple wallets are used to claim outsized rewards.
Often driven by greed rather than sabotage, the tactic has become a recurring issue across crypto. Projects now deploy advanced monitoring tools to detect such behavior, but attackers continue to adapt.
Past cases highlight the scale of the problem. In 2023, one actor controlled 21,877 wallets on zkSync using bots that mimicked normal trading activity. The scheme costs just $1.50 to $2 in ETH fees per wallet, making detection difficult.
In 2024, Solana-based Io.net was hit by a Sybil exploit that spoofed 1.8 million GPUs to claim rewards, forcing the network to overhaul its security model.
The controversy around MYX shows that even high-profile projects remain vulnerable. As token launches attract massive sums, Sybil activity continues to test the limits of crypto’s defenses.
