100 Wallets, $170M in Sync: The MYX Airdrop Mystery Unfolds

MYX Finance has come under growing scrutiny from the cryptocurrency market following allegations of airdrop manipulation and sybil behavior, despite its token experiencing a meteoric price surge. In a week-long period, the price of MYX climbed approximately 1,320%, reaching a fully diluted valuation (FDV) of $17 billion. This dramatic increase occurred amid the release of nearly 39 million tokens into circulation, fueling speculation about whether the rally is artificially driven or sustainable.

On-chain analytics firm Bubblemaps raised concerns over potential sybil activity associated with the airdrop, tracing $170 million worth of MYX tokens to around 100 addresses. These wallets were all funded via OKX on April 19 at the same time, with each receiving similar amounts of BNB before subsequently claiming their MYX rewards in a near-identical pattern. The firm described this as potentially "the biggest airdrop sybil of all time," noting the synchronized on-chain activity as a red flag for coordinated manipulation.

MYX Finance responded to these allegations by emphasizing its commitment to transparency and openness. The project acknowledged that some addresses may have been changed at user request and argued that reward concentration does not necessarily violate its principles as a decentralized perpetuals exchange. However, the vague and lengthy nature of the response has only intensified skepticism within the community.

Further concerns were raised by crypto commentator Dominic, who accused insiders and whale actors of orchestrating a pump-and-dump through wash trading and short squeezes. He highlighted that MYX’s daily perpetuals trading volume surged to between $6 billion and $9 billion, an unusually high figure for a token of its market capitalization. The same trading patterns were observed on platforms like Bitget, PancakeSwap, and Binance, with over $10 million in short positions liquidated in a single day.

From a technical perspective, MYX’s price chart reflects a parabolic breakout, rising from $1.10 to $18.37 within a week. The token’s current price is well above its 20-day simple moving average and 10-day exponential moving average, signaling strong bullish momentum. However, the relative strength index (RSI) is at 97, indicating the market is significantly overbought. While the MACD and momentum indicators still support the uptrend, a failure to maintain support above $15 could trigger a sharp correction. The $18–$20 range is seen as a critical resistance zone, with a successful breakout potentially signaling deeper price discovery.

The controversy surrounding MYX Finance has broader implications for the crypto market, particularly in terms of airdrop transparency and on-chain integrity. The project’s rapid FDV spike and the lack of clear communication have sparked discussions around the need for stronger anti-sybil mechanisms and stricter due diligence. Traders are advised to monitor key on-chain metrics such as wallet distribution and trading volume, as well as institutional flows, to better assess the sustainability of the rally.