MYX Finance has denied allegations of manipulation tied to its recent MYX token airdrop, responding to claims made by blockchain analytics firm Bubblemaps. The dispute has placed the decentralized derivatives exchange under close industry scrutiny following a rapid surge in the token’s price.
Bubblemaps said it identified nearly 100 wallets that were all funded via OKX in mid-April, weeks before the airdrop event. Each wallet reportedly received similar amounts of BNB and later claimed MYX tokens almost simultaneously. Together, these wallets secured 9.8 million tokens worth about $170 million. The firm called it the “biggest airdrop Sybil of all time.”
The flagged wallets showed little or no previous activity, raising suspicion that they were set up for the sole purpose of claiming airdrop rewards. Bubblemaps said the synchronized funding and claiming patterns made it unlikely to be random, suggesting coordinated exploitation.
MYX Finance pushed back on the accusations, insisting that all rewards were distributed based on legitimate trading activity and liquidity provision. The platform said its airdrop included anti-Sybil protections under its “Cambrian” campaign, which was designed to detect and filter automated participation.
The project acknowledged, however, that some high-volume participants requested address changes ahead of the launch. MYX said these requests were honored in line with its open policy aimed at encouraging broad community involvement, even if that meant certain entities controlled multiple accounts.
Bubblemaps rejected the explanation, criticizing MYX’s statement as vague and lacking concrete evidence. It said the platform’s defense raised further concerns about transparency and fairness in the distribution process.
The MYX token surged more than 1,200% after the airdrop, briefly pushing the protocol’s fully diluted valuation near $17 billion. Since then, the token has traded in a volatile range between $13 and $18, with daily trading volumes slipping 33% to around $575 million.
The controversy underscores the challenges facing token airdrops, which are increasingly targeted by organized farming operations. Investigations in Asia have uncovered large-scale “airdrop farms,” where thousands of phones are automated to simulate real users, bypassing detection and inflating token claims.
Industry observers warn that without stronger safeguards, airdrops risk being exploited by concentrated groups rather than rewarding genuine users. For MYX Finance, the outcome of this dispute could play a major role in shaping its credibility as it expands in the competitive decentralized derivatives market.
