MYX Airdrop Faces $170M Sybil Assault Claims as Bubblemaps Raises Purple Flags

Blockchain analytics agency Bubblemaps has flagged what it claimed could possibly be the biggest Sybil assault in crypto historical past, figuring out round 100 freshly funded wallets that claimed 9.8 million MYX tokens, value $170 million, from a current airdrop.

In a sequence of X posts on Wednesday, Bubblemaps revealed that the wallets acquired related quantities of BNB (BNB) from crypto alternate OKX inside minutes of one another, practically a month earlier than the airdrop.

“Everyone seems to be speaking about MYX hitting a $17B FDV A 20x in beneath 48 hours,” Bubblemaps wrote. “However we noticed one thing uncommon. One thing nobody is mentioning,” it added.

The analytics agency famous that these wallets had no prior exercise and claimed MYX at practically the identical time, round 5:30 am on Might 7. “It’s arduous to imagine this was random,” Bubblemaps stated, suggesting this could possibly be the “largest airdrop Sybil of all time.”

Associated: Token airdrops focused by farm accounts and ‘Sybil assaults’

MYX responds to Sybil claims

In response to the Sybil claims, MYX Finance defended its token distribution, asserting that rewards have been based mostly on precise buying and selling and liquidity supplier contributions. It additionally cited anti-Sybil safeguards beneath its “Cambrian” marketing campaign.

Nevertheless, the platform admitted that some high-volume customers requested deal with modifications earlier than launch and stated such requests have been permitted to encourage participation.

“As a decentralized perpetual DEX [decentralized exchange], we at all times prioritize consumer participation, and even in instances the place a single entity participates extensively, we acknowledge and respect that participation,” MYX stated.

Bubblemaps dismissed MYX’s response as obscure and even AI-generated, claiming it “one way or the other makes issues much more suspicious.”

On the time of writing, MYX is buying and selling at $17.33, up by 6.47% over the previous day, based on knowledge from CoinMarketCap. Nevertheless, it’s down by greater than 12% from its all-time excessive of $18.52 registered on Tuesday.

Associated: Whales, Sybil assaults and low belief: Can DAOs keep away from centralization pitfalls?

Inside a 30,000-phone airdrop farm

As Cointelegraph Journal reported in July, crypto airdrop manipulation has turn into a classy enterprise. In Vietnam, Mirai Labs CEO Corey Wilton toured a telephone farm filled with over 30,000 gadgets, every geared up with SIM playing cards, spoofed IPs, and distinctive fingerprints, to imitate actual customers and exploit token giveaways.

The operation goes past farming. Its important enterprise is manufacturing: amassing outdated telephones, modifying them and promoting “airdrop farm kits” internationally. These kits, containing round 20 telephones every, permit patrons to plug in and instantly begin spoofing exercise throughout a number of wallets.