MYX Finance, a decentralized exchange, is under fire after reports disclosed that close to 10 million MYX tokens — valued at about $170 million at the time — were claimed by a cluster of addresses tied to the project.
Based on reports, on-chain investigators flagged a pattern that suggests many of the claims came from wallets created and used in a coordinated way.
100 Wallets Funded, Then Claimed
According to blockchain trackers, about 100 newly created wallets were funded on April 19 and then used to claim airdrop rewards on May 7.
The timing and similarity of the transactions drew attention because the wallets followed an almost identical sequence of steps: funding, claiming, and then moving tokens.
Reports have disclosed that the total amount moved represented about 1% of MYX’s total supply, a large share for an early distribution program.
BREAKING: The $MYX team is directly tied to wallets that claimed $170M from their airdrop
Inside job?
Here’s what we know 🧵 pic.twitter.com/Kq1ubEgUBU
— Bubblemaps (@bubblemaps) September 11, 2025
Suspicious Transfers Point To Project Links
On-chain evidence has been presented that ties at least one of the claiming wallets to a creator-linked address. Investigators say wallet 0x4a31 sent nearly $3 million worth of MYX to a deposit address, 0xeb5A, which is alleged to be linked to a creator’s wallet, 0x8eEB.
These transfers formed part of the narrative that led observers to call the episode a possible Sybil attack — where one actor controls many addresses to claim disproportionate rewards.
Team Denies Wrongdoing, Promises Fixes
MYX Finance has rejected claims that the core team orchestrated a coordinated grab. The project acknowledged that some people asked to change addresses before launch and said some incentive streams had differing anti-Sybil protections.
Based on reports, the team emphasized that a separate campaign called “Cambrian” included stricter checks, and it said it will tighten protections going forward.
Price Reaction And Community Backlash
Market reaction was swift. Reports indicate the token price fell as trust eroded among traders and holders. Community voices on social platforms called for clearer audits and for the team to publish a transparent ledger of airdrop recipients.
Some holders demanded that questionable tokens be frozen or returned, while others warned that strong legal or regulatory moves could follow if proof of intentional misconduct appears.
Investigators say the on-chain patterns are suggestive but not conclusive proof of an inside job. According to reports, links between wallets rely on behavioral analysis and the trace of transfers; critics argue these methods can point to correlations without proving direction or orders.
Featured image from Meta, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
