Initial Findings
Earlier this week, blockchain analytics platform Bubblemaps identified a group of wallet addresses that collectively claimed $170 million worth of MYX tokens during Myx Finance’s airdrop. In a subsequent investigation, Bubblemaps alleged that certain wallets linked to the Myx team were connected to this “sybil” cluster. The connection, according to the report, was established through a shared exchange deposit address that allegedly funded the MYX token launch on the BNB Chain.
Background of the Investigation
In its original analysis, which followed a significant surge in MYX’s market price, Bubblemaps reported tracing 100 newly created addresses exhibiting identical on-chain behavior. All of these wallets were funded via OKX at roughly the same time — approximately one month before the airdrop — with similar amounts of capital. Most of them initiated their claims simultaneously once the airdrop began.
Myx Finance’s Response
In response to the allegations, Myx Finance stated that campaign rewards were strictly determined by users’ legitimate trading volumes and liquidity provision (LP) contributions, without imposing additional restrictions. The team also noted that, moving forward, greater emphasis would be placed on preventing sybil attacks.
Understanding Sybil Attacks in Airdrops
Airdrops are a common method for cryptocurrency projects to distribute tokens widely while rewarding early supporters. These incentives can be substantial, attracting participants who aim to maximize their allocations. Typically, the criteria for eligibility remain undisclosed until after a snapshot of user activity is taken. In some cases, insiders with knowledge of these criteria could potentially qualify using their own wallets. Many airdrop hunters employ multiple addresses — known as sybils — to increase their chances of receiving rewards. Projects often attempt to detect and exclude such addresses by analyzing shared funding patterns, thereby reducing or eliminating their allocations.
Evidence Linking the Cluster to Team Wallets
The alleged link between the sybil cluster and team-controlled wallets centers on a Bitget deposit address, 0xa857. This address reportedly received $2.8 million worth of MYX tokens from one sybil address, 0x4a31, and a similar amount from another, 0xeb5a. Bubblemaps claims to have traced 0xeb5a to the MYX token deployer through four intermediary transactions across two blockchains. Since a new address cannot transact without first receiving the native gas token (such as BNB on the BNB Chain), the origin of initial funding can often reveal ownership.
Ongoing Dispute
Bubblemaps described Myx Finance’s initial response as “vague and ambiguous,” asserting that the latest findings present a more concerning scenario. The analytics firm has urged Myx Finance to provide further clarification regarding the on-chain evidence. Protos has contacted both parties for comment and will update the story if new information becomes available.
Fundfa Analysis
If substantiated, these allegations could undermine investor confidence in MYX and similar DeFi projects, potentially prompting stricter due diligence from both users and regulators. The case also highlights the growing importance of transparent token distribution practices to maintain market integrity and trust.