Tech

MYX Finance Rejects Manipulation Claims

8 hours ago
Bitcoin Ethereum News

Key Notes

  • Bubblemaps flagged nearly 100 wallets funded via OKX before the MYX token airdrop, noting identical funding and claiming patterns.
  • It noted that these wallets accumulated 1% of the total supply, raising concerns of possible Sybil manipulation.
  • Following MYX’s 1200% surge, the token is now trading with sharp volatility between $13 and $18.

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.

MYX Finance Faces Airdrop Fraud Allegations

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.

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.

The investigative report further claims that each address received similar amounts of BNB

BNB
$899.1



24h volatility:
2.4%


Market cap:
$125.01 B



Vol. 24h:
$949.05 M

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.

MYX Finance Denies All Allegations

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.

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
$1.30



24h volatility:
1.1%


Market cap:
$851.12 M



Vol. 24h:
$228.50 M

and MemeCore (M), have also seen major price movements recently.

next

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.

Cryptocurrency News, News

Bhushan Akolkar

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.

Bhushan Akolkar on X


Source: https://www.coinspeaker.com/myx-finance-rejects-manipulation-claims/