CMC News

#MYXFinance Denies Fraud Allegations After $170M #Airdrop Controversy

MYX Finance has denied allegations of manipulation tied to its recent MYX token airdrop, responding to claims made by blockchain analytics firm #Bubblemaps. The dispute has placed the decentralized derivatives exchange under close industry scrutiny following a rapid surge in the token’s price.

Bubblemaps said it identified nearly 100 wallets that were all funded via OKX in mid-April, weeks before the airdrop event. Each #wallet reportedly received similar amounts of $BNB and later claimed $MYX tokens almost simultaneously. Together, these wallets secured 9.8 million tokens worth about $170 million. The firm called it the “biggest airdrop Sybil of all time.”

The flagged wallets showed little or no previous activity, raising suspicion that they were set up for the sole purpose of claiming airdrop rewards. Bubblemaps said the synchronized funding and claiming patterns made it unlikely to be random, suggesting coordinated exploitation.

MYX Finance pushed back on the accusations, insisting that all rewards were distributed based on legitimate trading activity and liquidity provision. The platform said its airdrop included anti-Sybil protections under its “Cambrian” campaign, which was designed to detect and filter automated participation.

The project acknowledged, however, that some high-volume participants requested address changes ahead of the launch. MYX said these requests were honored in line with its open policy aimed at encouraging broad community involvement, even if that meant certain entities controlled multiple accounts.

Bubblemaps rejected the explanation, criticizing #MYX’s statement as vague and lacking concrete evidence. It said the platform’s defense raised further concerns about transparency and fairness in the distribution process.