Key Highlights
- 100 wallets linked to MYX Finance received $170M in tokens
- Experts call it the biggest suspected Sybil attack in crypto
- Bubble Maps demands MYX explain suspicious wallet activity
MYX Finance Faces $170 Million Airdrop Scandal
Experts from the Bubble Maps analytics project have uncovered troubling links between the team behind MYX Finance and a cluster of wallets that allegedly received $170 million during the project’s airdrop. The team has strongly denied the allegations, but the case is already being called one of the biggest suspected Sybil attacks in crypto history.
The MYX airdrop launched in early May 2025, with 14.7% of the total supply of one billion tokens distributed to participants. On the Token Generation Event (TGE) day, only 30% of tokens were immediately available, while the remainder was locked in a vesting schedule with monthly unlocks.
For most, it looked like a standard distribution. But by September 9, 2025, Bubble Maps claimed to have found unusual patterns pointing to possible manipulation.
The Suspected Sybil Attack
Investigators discovered that 100 addresses received identical deposits from the OKX exchange on April 19, 2025 — just before the airdrop. These wallets showed no activity prior to claiming their tokens on May 7. Together, they secured 9.8 million MYX, valued at $170 million.
More suspiciously, Bubble Maps traced connections between one of these wallets and the founder of MYX Finance. Transfers linked the founder’s known address (0x8eEB) to another account in the cluster, which followed the same pattern as 95 other Sybil wallets. One of the addresses even sent $2.8 million in tokens to another wallet identified as belonging to the founder.
MYX Finance Responds
The MYX Finance team issued a late response, firmly denying the accusations. They argued that most wallets received “fair compensation for real participation,” while some larger holders had simply requested address changes before the airdrop.
Bubble Maps, however, called the explanation “vague” and demanded clarity: why did the cluster of wallets behave in such a coordinated way, and why was one of them directly tied to the project’s creator?
Lessons From Other Projects
Other projects have faced similar challenges. For example, LayerZero tackled Sybil abuse by inviting users to “hunt” suspected scammers, rewarding them with a share of the seized tokens. Whether MYX Finance will take similar steps or face lasting reputational damage remains to be seen.
