MYX Finance Faces Controversy Over Airdrop Claims
MYX Finance, a decentralized exchange, is under scrutiny after reports revealed that nearly 10 million MYX tokens — worth around $170 million at the time — were claimed by a group of addresses connected to the project.
Coordinated Wallet Activity
Blockchain investigators noticed a suspicious pattern: about 100 newly created wallets were funded on April 19 and then used to claim airdrop rewards on May 7. These wallets all followed the same steps — funding, claiming, and moving tokens — which raised concerns about coordination.
The total moved tokens represented about 1% of MYX’s total supply, a significant share for an early distribution program.
Links to Project Team
On-chain data shows that at least one claiming wallet sent nearly $3 million worth of MYX to an address linked to a project creator. This has led some observers to call the situation a possible “Sybil attack,” where one person controls multiple wallets to unfairly claim rewards.
MYX Finance Responds
The MYX Finance team denied any wrongdoing. They said some users requested address changes before launch and that some incentive programs had different levels of anti-Sybil protection.
The team highlighted a separate campaign, “Cambrian,” which had stricter checks, and promised to improve protections in future programs.
Market Impact and Community Reaction
The controversy affected MYX’s token price, which fell as trust declined. Community members on social media called for clearer audits and a public list of airdrop recipients. Some demanded freezing or returning suspicious tokens, while others warned of potential legal consequences if intentional misconduct is proven.
Investigators say the patterns suggest possible abuse, but they don’t provide conclusive proof. Critics note that while wallet behaviors and transfer traces show correlations, they don’t confirm direct instructions or wrongdoing.
