MYX Finance Airdrop controversy escalates: Core team accused of stealing $170 million MYX through Sybil Attack.

Blockchain analytics company Bubblemaps has made new allegations regarding the airdrop distribution of the decentralized exchange MYX Finance. The company claims that through on-chain data analysis, they discovered a direct connection between the wallet address of the MYX project creators and multiple wallets that participated in a large-scale Sybil Attack. This attack is accused of illegally obtaining approximately $170 million worth of MYX tokens. As the investigation deepens, the price of MYX tokens is under immense pressure.

Bubblemaps Throws Heavy Accusations

The controversy began on September 9, when Bubblemaps released an analysis report indicating that about 100 newly created Wallet Addresses collectively acquired 9.8 million MYX Tokens, accounting for approximately 1% of the project's total supply. At that time, these Tokens were worth over $170 million. Bubblemaps described this as "the largest Airdrop Sybil Attack in history." These Wallet Addresses received funds through mainstream Centralized Exchanges on April 19 and simultaneously claimed the Tokens on May 7.

New Evidence: Wallet Address Directly Associated

In response to MYX Finance's initial denial of wrongdoing, Bubblemaps has provided new on-chain evidence. Its latest analysis shows a direct link between the wallet address of the MYX project creator (0x8eEB) and an address (0x4a31) suspected of being involved in dubious activities.

Bubblemaps points out that by tracking blockchain data, the transaction chain starting from the creator's Wallet ultimately links to Address 0x4a31. This Address shares the same funding source and claiming pattern as 95 other identified Sybil Attack wallets. More notably, the 0x4a31 Wallet previously sent MYX Tokens worth $2.8 million to a deposit Address (0xeb5A), which is directly associated with the project creator.

Bubblemaps believes that this coincidence cannot be explained by chance and questions: "If these 100 wallets are truly independent, why do they all share the same funding and claiming patterns? Why does one of the wallet's deposit addresses share with the token creator?"

MYX Response and Market Impact

In the face of new allegations, MYX Finance insists that its token distribution process is fair. The project emphasizes that only its "Cambrian" activity has strict anti-Sybil measures, while other incentive programs focus on trading volume and liquidity provision, respecting the participation of all users.

However, Bubblemaps refuted this response, stating that it was vague and even sarcastically comparing it to a GPT-generated reply, questioning the project's willingness to address specific on-chain association issues.

As a result of this controversy, the price of MYX Token has come under pressure. According to CoinMarketCap data, the token has dropped more than 20% in the past 24 hours, trading at $12.76, but despite this, its increase over the past week still exceeds 1000%.

What is a "Sybil Attack"?

A "Sybil Attack" refers to a single entity using multiple fake identities (or Wallets) to gain disproportionate rewards or control over a network. This strategy stems from greed and has become a recurring issue in the crypto space. In response to this challenge, many projects have deployed advanced monitoring tools, but attackers are also continuously upgrading their methods.

Past cases highlight the seriousness of this issue:

zkSync: In 2023, an attacker conducted a Sybil Attack using 21,877 Wallets to mimic normal trading activities, with each Wallet only needing to pay around $1.5 to $2 in ETH fees, making detection exceptionally difficult.

Io. net: In 2024, the project suffered a Sybil Attack, where attackers faked 1.8 million graphics processing units (GPUs) to scam rewards, forcing the network to completely reform its security model.

Conclusion

The controversy sparked by MYX Finance highlights the ongoing challenges of fairness in Airdrop distribution, as well as the threat that even high-profile projects may face from Sybil Attacks. The on-chain evidence presented by Bubblemaps has raised this incident to a new level; if these allegations are ultimately proven true, it will not only damage MYX's own reputation but could also have far-reaching implications for future Token distribution models across the entire cryptocurrency industry. The findings of this investigation will serve as an important benchmark for assessing the transparency and accountability of crypto project teams.