Bubblemaps Flags $170M Sybil Attack on MYX Airdrop
What Bubblemaps Discovered
Blockchain analytics firm Bubblemaps claims it has uncovered what could be the largest Sybil attack in crypto history. According to a report shared on X, nahead 100 newly created wallets collectively claimed 9.8 million MYX tokens — worth about $170 million — during the project’s recent airdrop. The findings sparked concerns over the integrity of one of 2025’s most hyped token launches.
Bubblemaps noted that these wallets all received similar amounts of BNB from within minutes of each other nahead a month before the airdrop. The wallets showed no prior on-chain activity and then claimed MYX tokens simultaneously at around 5:30 am on May 7. “It’s hard to believe this was random,” Bubblemaps said, calling it potentially “the largegest airdrop Sybil of all time.”
Investor Takeaway
How MYX Responded
MYX Finance, the behind the airdrop, defended its token distribution process. It said rewards were based on real trading and liquidity contributions, citing anti-Sybil measures under its “Cambrian” campaign. The team admitted that some large traders requested wallet address changes prior to launch but said these requests were allowed to encourage participation.
“As a decentralized platform, we prioritize participation,” MYX said, “and even when a single entity participates extensively, we acknowledge and respect that participation.” Bubblemaps dismissed the response as vague, claiming it “somehow makes things even more suspicious” and even appeared AI-generated.
Despite the controversy, MYX’s token was trading at $17.33, up 6.47% over the past day, though down 12% from its all-time high of $18.52 earlier in the week, according to CoinMarketCap.
Airdrop Manipulation as a Growing Business
The MYX case reflects the rising sophistication of airdrop farming. In July, Cointelegraph reported on a 30,000-phone airdrop farm in Vietnam run by Mirai Labs. The operation used SIM cards, spoofed IPs, and unique device fingerprints to mimic thousands of “real” users and capture tokens at scale.
Beyond farming, these operations also manufacture “airdrop farm kits” — bundles of around 20 modified phones designed for resale globally. Controlled by a single master device, such setups allow operators to synchronize hundreds of wallets, making them hard to detect. This business model has turned airdrop exploitation into a global industry, putting at risk.
Investor Takeaway
What’s Next for Airdrops?
As airdrops remain a cornerstone of , projects face increasing pressure to strengthen defenses. The combination of regulatory scrutiny, industrial-scale Sybil farms, and community skepticism could reshape how tokens are distributed in 2025 and beyond. If Bubblemaps’ findings are validated, MYX may face lasting reputational damage — a reminder that distribution fairness can be just as significant as liquidity and market hype in the success of a new token.
