A decentralized exchange (DEX) called MYX Finance is facing serious accusations after a massive airdrop went sideways. Reports suggest that around $170 million worth of MYX tokens—about 10 million tokens—were snagged by a group of wallets linked to the project itself.
The Evidence: 100 Wallets, One Pattern
Blockchain sleuths noticed a suspicious pattern: roughly 100 brand-new wallets were funded on April 19th. Then, on May 7th, these wallets all claimed airdrop rewards. The timing and the near-identical steps (fund, claim, transfer) raised major red flags. This represented about 1% of the total MYX supply—a huge chunk for an early distribution.
One particularly damning piece of evidence: investigators found a trail linking at least one of the reward-claiming wallets (0x4a31) to a wallet (0x8eEB) allegedly belonging to a project creator. Nearly $3 million in MYX was transferred between these addresses. This has led many to believe a Sybil attack—where a single entity controls multiple addresses to game the system—took place.
MYX Finance’s Response
MYX Finance denies any wrongdoing. They claim some users requested address changes before the airdrop, and that different parts of the airdrop had varying anti-Sybil measures. They highlight a separate airdrop called “Cambrian” that had stricter controls and promise to improve security in the future.
Community Uproar and Market Crash
The accusations caused immediate fallout. The MYX token price plummeted as trust evaporated. The community is demanding more transparency, including full audits and a public list of airdrop recipients. Some are even calling for the questionable tokens to be frozen or returned. The possibility of legal action looms large if evidence of intentional wrongdoing emerges.
Is it Conclusive?
While the on-chain evidence is suggestive, it’s not definitive proof of an inside job. Critics point out that linking wallets based on behavior and transaction traces can show correlations without proving intent or direction. The investigation continues.