Bubblemaps Releases Allegations of MYX Involvement in $170M Airdrop Manipulation

According to TechFlow, on September 11, pblockchain analysis companyBubblemapsreleased new findings linking the teamMYXwith alleged manipulation of a $170 million airdrop.

This news first emerged when Bubblemaps published the results of an on-chain data search that showed suspicious transaction patterns.

This finding raises a major question among investors and the crypto community: was there insider trading going on within MYX, or was it simply a misunderstanding regarding user wallet addresses? Read this article to find out!

What is Bubblemaps and MYX?

Bubblemaps is a blockchain analytics company known for its detailed and interactive visualization of transaction data.

The company frequently uncovers activity patterns invisible to the general public, such as wallet relationships, token distribution, and potential Sybil attacks.

Meanwhile, MYX Finannce (MYX) is a new DeFi project that has attracted attention through its massive airdrop program.

With the promise of building a more efficient decentralized financial ecosystem, MYX has managed to attract thousands of participants, but a recent report by Bubblemaps has called the project's reputation into question.

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Bubblemaps Releases Allegations of MYX Airdrop Manipulation

Based on uploadsBubblemapsby X (Twitter), there are strong indications that the MYX team has direct ties to the wallet that received the $170 million airdrop.

The discovery began with a search of the wallet of MYX creator 0x8eEB, which led to one of the airdrop recipient wallets, 0x4a31. This wallet, 0x4a31, was found to have the same funding pattern as 95 other Sybil wallets.

Even more suspicious, the wallet had sent 2.8 million MYX tokens to a deposit address previously used by another wallet also associated with the MYX creator, namely 0xeb5A.

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MYX Airdrop Manipulation: Sybil Attack & Cross-Chain Pattern

Besides that, Bubblemaps also discovered suspected sybil attacks and cross-chain patterns by the MYX team.

Sybil Attack: Bubblemaps discovered over 100 new wallets receiving large amounts of airdrop funds. This pattern typically indicates an attempt to split ownership to make it appear as if it came from multiple parties.

Cross-Chain Transactions: The investigation also uncovered cross-network fund transfers that pointed to connections between wallets, further strengthening the suspicion of internal involvement.

Special Deposit Address: The deposit address used has only ever been used by the wallet associated with the MYX creator, indicating a direct connection.

Respons of MYX Team

The MYX team previously stated that some users were requesting to change their addresses so it may look like a suspicious pattern.

However, Bubblemaps thinks the new evidence points to a more serious situation than just a change of address request.

This incident serves as an important reminder that transparency and independent audits are essential in the crypto world. Large airdrops often attract new investors, but without clear oversight mechanisms, the potential for manipulation remains wide open.

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Conclusion

Alleged MYX airdrop manipulation case, the data released by Bubblemaps is a real-life example of how blockchain analysis technology can uncover previously hidden facts.

Even though the MYX team has provided clarification, the evidence presented by Bubblemaps has made the public even more wary.

Crypto investors should always exercise caution and check a project's track record before participating, especially if there are indications of suspicious activity.

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FAQ

What is Bubblemaps?

Bubblemaps is a blockchain analytics company that visualizes on-chain data to find transaction patterns and potential manipulation.

What is MYX?

MYX is a DeFi project that was once popular thanks to a massive airdrop, but is now under scrutiny due to alleged involvement in suspicious transactions.

What did Bubblemaps find about MYX?

Bubblemaps found a connection between the MYX creator's wallet and the $170 million airdrop recipient wallet through similar funding patterns and deposit addresses.

What is a Sybil attack in the crypto world?

A Sybil attack is an attempt to split ownership across multiple wallets to create the impression of widespread participation when in fact it is controlled by a single party.

Why is this case important for investors?

This case highlights the need for caution and verification before investing in new crypto projects, especially when there are large airdrop programs.