Analysis highlights anomalies in MYX token activity, signaling possible manipulation
Trading activity surrounding the MYX token, the native asset of the MYX decentralized exchange (DEX), shows signs of significant irregularities, according to a joint report from AI infrastructure firm Rena Labs and market intelligence company Insider.Cash.
Findings suggest coordinated manipulation
The report analyzed over 9,200 minute-by-minute data points between Sept. 9 and Sept. 15, identifying 249 trading anomalies across liquidity, volume spikes, price ratios, and trade intensity. Researchers concluded that the probability of these anomalies occurring simultaneously under normal market conditions was less than 0.001%, making organic trading activity “a mathematical impossibility.”
“The temporal synchronization of these extreme deviations across otherwise independent market microstructure metrics strongly suggests coordinated, multi-vector manipulation strategies,” the report noted.
Red flags in liquidity and trade behavior
On Sept. 9, MYX liquidity anomalies spiked by 433% on the Gate exchange, with 32 illiquidity events recorded over just two days. During these periods, average trade sizes dropped 67%, while trading frequency declined 45%.
Unusually, bid-ask spreads contracted from 15.8% on Sept. 9 to 8.2% by Sept. 15, contradicting normal market behavior where spreads widen during illiquidity. Analysts flagged this “paradoxical” contraction as further evidence of manipulation.
The irregularities follow growing scrutiny of MYX’s token distribution. On Sept. 9, blockchain analytics platform Bubblemaps alleged that the MYX airdrop was impacted by what could be the largest Sybil attack in crypto history. According to their data, a single entity used 100 newly funded wallets to claim more than 9.8 million MYX tokens, generating an estimated $170 million profit.
A Sybil attack involves creating multiple accounts controlled by one party to simulate organic network activity. If validated, this raises serious concerns about MYX’s token distribution and market integrity.
With anomalies across all key trading metrics and allegations of a manipulated airdrop, investor confidence in MYX faces mounting pressure. While MYX Finance has yet to issue a response, market analysts warn that trust in token distribution and liquidity is critical for long-term adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.