MYX Finance rejects fraud claims over its token airdrop, insisting rewards were based on genuine trading and liquidity activity.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
3 mins read
MYX Finance, the decentralized derivatives platform, has denied recent allegations of fraud and manipulation with the MYX token airdrop.
The exchange has been in the spotlight after its native cryptocurrency MYX gained 1200% in the last two days.
Some analysts have warned of a possible rug pull, citing several red flags in the project.
Looks like a rug pull in the making for $MYX. Did anyone see that coming?
— REOMI (@0xReomi) September 9, 2025
The surge in the popularity of MYX Finance over the past week comes with its own share of criticism.
Blockchain analytics platform Bubblemaps flagged a suspicious activity associated with the MYX token airdrop.
BREAKING: One entity claimed $170M from the $MYX airdrop
We traced 100 freshly funded addresses with the exact same onchain activity
The biggest airdrop sybil of all time? 🧵 pic.twitter.com/Q8YhZUO7jt
— Bubblemaps (@bubblemaps) September 9, 2025
The analytics platform noted that the MYX token debuted in early May through Binance Wallet’s 15th Exclusive Token Generation Event (TGE).
Data from Bubblemaps shows that nearly 100 wallets were funded via crypto exchange OKX about a month prior to the airdrop.
3/ One month before the $MYX airdrop, ~100 addresses were freshly funded via OKX
> All transfers occurred on 19 April at ~6:50am
> All received similar amounts of BNBhttps://t.co/azW12ydUps pic.twitter.com/fVozcm9Iad— Bubblemaps (@bubblemaps) September 9, 2025
The investigative report further claims that each address received similar amounts of BNB BNB $898.5 24h volatility: 2.9% Market cap: $125.12 B Vol. 24h: $1.61 B within the same transaction window, around mid-April.
As a result, these wallets became eligible for the airdrop and collectively secured around 9.8 million MYX tokens, equal to 1% of the total supply.
The platform also added that most of these wallets executed their claims on May 7. Bubblemaps noted that such sequential selling and identical funding and claiming patterns are unlikely to be coincidental.
6/ Could this be the biggest airdrop sybil of all time?
Join us for more insights:https://t.co/v9GE7wD7BF
— Bubblemaps (@bubblemaps) September 9, 2025
MYX Finance has issued a statement addressing the recent claims by blockchain analytics platform Bubblemaps.
The company clarified that, except for its “Cambrian” campaign, which included anti-Sybil measures to prevent bot activity, all other airdrop rewards were allocated strictly based on legitimate user trading volume and liquidity provider (LP) contributions.
It also acknowledged that some high-volume participants requested pre-launch address changes.
As a decentralized exchange, MYX has always upheld the principles of fairness and openness. Apart from the “Cambrian” campaign, where anti-sybil measures were applied to the fee-free campaign towards bots that wash traded extensively , all other campaign rewards have been…
— MYX.Finance (@MYX_Finance) September 9, 2025
MYX Finance said it allowed such requests in line with its policy of not imposing restrictions. The DEX argued that the intention behind the approach was to foster greater user participation.
“Looking ahead, in campaign designs that involve user growth incentives or could potentially affect the interests of other users, we will place greater emphasis on preventing sybil attacks. However, in trading and LP incentive programs, we will continue to maintain an open and inclusive approach, encouraging more users to actively engage with MYX,” the post read.
Following the massive rally, the MYX token price is seeing strong volatility, swinging in the range of $13-$18.
The daily trading volumes have also crashed 33% to $575 million. Apart from MYX, two other protocols, Virtuals Protocol VIRTUAL $1.29 24h volatility: 2.4% Market cap: $843.85 M Vol. 24h: $216.87 M and MemeCore (M), have also seen major price movements recently.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
