- Blockchain analysis identified a cluster of addresses linked to $170 million in MYX token claims during a recent airdrop.
- Bubblemaps alleges these addresses are connected to Myx Finance team wallets through shared funding sources.
- All flagged addresses were funded via OKX about a month before the airdrop and claimed tokens simultaneously.
- Myx Finance states rewards were based solely on real trading and liquidity activity, pledging more action against multi-account abuse in the future.
- Bubblemaps requests further explanation from Myx Finance following new findings linking key addresses to the token deployer.
A cluster of cryptocurrency wallet addresses claimed around $170 million worth of MYX tokens during the recent Myx Finance airdrop, according to blockchain analytics firm Bubblemaps. The analysis connected these addresses through funding patterns and transaction timing, raising questions about possible internal involvement.
Bubblemaps reported that it traced the flagged addresses to a cluster allegedly linked to team-controlled wallets, mainly through a shared deposit address used to fund the MYX token launch on BNB Chain. All 100 addresses reportedly received similar funding via OKX exchange about one month before the airdrop and initiated their claims at roughly the same time.
In its investigation, Bubblemaps stated it observed that “these new findings paint a worse picture,” referring to a Bitget deposit address that received over $2.8 million in MYX tokens from one of the sybil addresses flagged in its report. The analytics team linked another significant deposit to the MYX token deployer, using a chain of transactions across two blockchain networks.
In response, Myx Finance said on its official channels that campaign rewards were “strictly based on users’ genuine trading volume and LP contributions, without any additional restrictions.” The platform also commented that they plan to focus more on preventing sybil attacks—where one user creates dozens or hundreds of separate accounts to claim more tokens than allowed—during future events.
Sybil attacks allow individuals to circumvent distribution limits by using multiple wallets. Most projects try to identify and exclude such attempts by analyzing shared funding sources and synchronized activity. Bubblemaps argues that on-chain evidence in this case points to team involvement, and it has called for Myx Finance to elaborate further on what these blockchain records show.
Protos has contacted Myx Finance and Bubblemaps for follow-up. The story will be updated if additional comments are provided. Readers can learn more about the initial Bubblemaps investigation and the recent MYX price surge for more background information.
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