MYX Finance Denies Fraud and Manipulation Charges Over MYX Token Airdrop

Core Insights - MYX Finance has denied allegations of fraud and manipulation related to the MYX token airdrop, which saw a significant price surge of 1200% in two days [1] - The platform has faced scrutiny from analysts and blockchain analytics firm Bubblemaps, which flagged suspicious activities surrounding the airdrop [2][3] Allegations and Investigations - Bubblemaps reported that nearly 100 wallets were funded through OKX about a month before the airdrop, with each wallet receiving similar amounts of BNB [3] - These wallets collectively secured around 9.8 million MYX tokens, representing 1% of the total supply, raising concerns about the legitimacy of the airdrop [3][4] Company Response - MYX Finance clarified that airdrop rewards were allocated based on legitimate user trading volume and liquidity provider contributions, except for its "Cambrian" campaign which included anti-Sybil measures [5] - The company allowed high-volume participants to request pre-launch address changes to encourage user participation [6] Future Measures - MYX Finance plans to enhance measures against Sybil attacks in future campaigns that involve user growth incentives while maintaining an open approach in trading and liquidity provider incentive programs [7] - Following the price rally, the MYX token has experienced volatility, trading between $13 and $18, with daily trading volumes dropping by 33% to $575 million [7][8]