Inside Job? MYX Finance’s $170 Million Airdrop Scandal Accusation Creates FUD

Blockchain analytics firm Bubblemaps has alleged that around $170 million worth of rewards in the recent MYX Finance airdrop campaign were claimed by the MYX team through a “Sybil attack” manipulation. Bubblemaps posted on its X (Twitter) handle that they have traced 100 freshly funded addresses with the exact same on-chain activity, all directly tied to the MYX team.

Meanwhile, MYX Finance denied the manipulation allegations, stating that the airdrop campaign included anti-Sybil protections that contributed to a fair organization. According to MYX, the miscommunication happened because some of the high-volume participants requested address changes to new wallets ahead of the launch.

MYX Finance argued that the airdrop event was a Cambrian campaign, an anti-Sybil protection initiative to filter automated participation. They claim that it was specifically designed to combat bot activity and wash trading, and no manipulation has happened so far.

“Apart from the ‘Cambrian’ campaign, all other campaign rewards have been strictly based on users’ genuine trading volume and LP contributions, without any additional restrictions,” MYX stated on its official X handle. 

MYX Finance 25% Down Today Due to Controversy and Manipulation Allegations

Following the launch, MYX token became one of the rarest cryptocurrencies by surging over 1,200% in a short period, attaining its all-time high (ATH) of $19.01 two days ago. However, the controversy and manipulation allegations created FUD and forced the holders to initiate sell-offs, resulting in a 27.78% correction from the ATH.

With $14.63 million in liquidations over 24 hours and an extreme negative funding rate, the MYX token is expected to continue the downtrend. On the other hand, various blockchain experts pointed out that the price is in a distribution phase of the Wyckoff Theory, a pattern often preceding a downturn.

Also Read: MYX Finance (MYX) Price Prediction 2025-2030: Right Time to Buy?

MYX Airdrop Scandal: Inside Job or Not? Clarity Yet to Arrive

While MYX Finance countered allegations of a Sybil attack by emphasizing its anti-Sybil protections under the “Cambrian” campaign, Bubblemaps accused the reply as vague and ambiguous. The answers to valid questions like “why do they all share the same funding/claiming pattern?” and “why does one share a deposit address with the token creator?” have not yet been provided by MYX devs.

If you were a part of the airdrop campaign, you can follow Bubblemaps on X and Telegram for more updates to get clarity. Also, follow MYX’s social media handles to become aware of both sides of the issue. 

MYX Finance’s Current Market Scenario

MYX has been exhibiting extreme volatility in the charts, making traders ambiguous whether to HODL, sell, or purchase the tokens. While it has witnessed 17 green days in the last 30 days, the 14-day RSI is low, and it is trading below the 200-day simple moving average.

• Fear & Greed Index: 52 (Neutral)
• Market Sentiment: Bullish 
• Supply Inflation: –
• Dominance: 0.06%
• Volatility: 144.18% (Extremely High)

About MYX Finance 

MYX Finance is a brand-new derivatives exchange that allows the trading of non-custodial perpetual contracts. Upon the full launch, it aims for features like cross-chain compatibility and zero-slippage execution in a secure and anonymous environment. The native asset is $MYX, a utility token used for governance, staking, and transactions.