- An entity used 900 wallets to manipulate IRYS airdrop, selling tokens worth $4 million.
- The manipulation could impact market trust and fairness.
- No comments from IRYS or Bitget leaders as of now.
An entity encompassing 900 connected wallets sold $4.00 million in tokens after securing 20% of an IRYS airdrop, as per Bubblemaps data on November 28th.
This incident highlights vulnerabilities in crypto airdrops, potentially impacting trust in token distributions and pressuring IRYS token’s market value due to rapid sell-offs.
Entity’s $4 Million Token Sell-off Sparks Market Volatility
Authorities are investigating after an entity manipulated the IRYS airdrop using 900 wallets, as reported by Bubblemaps. This action resulted in a 20% claim on the airdrop rewards, amounting to $4 million in token sales.
The airdrop constituted 8% of the total token supply and was intended for early users. The immediate sell-off led to price pressure and market volatility for IRYS. Community members expressed concern over the event’s impact.
While the IRYS team and Bitget exchange have yet to offer an official statement, the incident has sparked discussions across the community and industry experts. Key Opinion Leaders remain silent on the specific event.
Possible Regulatory Repercussions From Airdrop Manipulation
Did you know? Wallet clustering for airdrop manipulation is a familiar tactic seen in previous cryptocurrency events, often leading to community skepticism and regulatory scrutiny.
As of November 28, 2025, IRYS is valued at $0.03 with a market cap of $66.16 million, according to CoinMarketCap. Its 24-hour trading volume is $45.26 million, marking a 68.06% decrease. The token’s 24-hour price dropped 25.45%, continuing a decline pattern over recent months.
According to Coincu research, the airdrop manipulation may prompt regulatory attention, affecting future token distribution strategies. Analyzing past incidents, the lack of response from key leadership could further lead to confidence issues among investors.
“The cluster consists of 900 wallets that acted as a single coordinated group, pre-funded by Bitget prior to the airdrop.”
— On-chain Analyst, Bubblemaps
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/airdrop/irys-airdrop-manipulation-4m-sold/