Blockchain analytics firm Bubblemaps has alleged what may be the largest Sybil attack in the history of crypto airdrops, pointing to suspicious activity surrounding MYX Finance’s recent token giveaway.
In its investigation, Bubblemaps identified roughly 100 wallets that each claimed a share of 9.8 million MYX tokens — valued at around $170 million — from the airdrop. The firm noted that the wallets were funded almost simultaneously with BNB from crypto exchange OKX just weeks before the distribution and exhibited no prior activity.
“Everyone is talking about MYX hitting a $17 billion fully diluted valuation in under 48 hours,” Bubblemaps wrote in a post on X. “But we spotted something unusual. Something no one else is mentioning.”
The flagged wallets reportedly claimed their allocations within minutes of one another at around 5:30 am on May 7, leading the firm to call it the “biggest airdrop Sybil of all time.”
Bubblemaps reveals major Sybil attack on MYX. Source: Bubblemaps
MYX pushes back against Sybil allegations
In response, MYX Finance defended its distribution model, saying rewards were based on genuine trading and liquidity-providing activity. The platform also pointed to its “Cambrian” campaign as an anti-Sybil safeguard.
Still, MYX admitted that some users had requested to change wallet addresses before launch — a move it said was allowed in order to boost participation. “As a decentralized perpetual DEX, we always prioritize community involvement,” the project stated.
Bubblemaps, however, was unconvinced, dismissing MYX’s reply as vague and “sounding AI-generated,” arguing that the explanation only deepened suspicions.
At the time of writing, MYX was trading at $17.33, slightly up on the day but still more than 12% below its $18.52 all-time high set just one day earlier, according to CoinMarketCap data.
The rise of industrial-scale airdrop farms
The allegations against MYX also highlight a growing problem within the industry — the industrialization of airdrop farming. In July, Cointelegraph Magazine reported on a sprawling phone farm in Vietnam operated by Mirai Labs CEO Corey Wilton, which housed more than 30,000 devices. Each device was outfitted with SIM cards, spoofed IPs, and unique identifiers to mimic real users.
Beyond farming, these operations are also manufacturing hubs, modifying old phones into “airdrop farm kits” and selling them internationally. Buyers can acquire a kit with 20 pre-configured devices, plug them in, and immediately begin simulating activity across multiple wallets to exploit token giveaways.