The post 400 Million IRYS Airdrop Faces Scam Allegation appeared on BitcoinEthereumNews.com. Irys, a layer-1 blockchain listed on major exchanges including Coinbase, is under scrutiny after a single entity captured roughly 20% of its airdrop allocation. On November 28, blockchain analytics firm Bubblemaps said it identified about 900 wallets involved in the process. Sponsored IRYS Slides After 900 Linked Wallets Take $4 Million in Airdrop Tokens According to the firm, these addresses showed no prior on-chain activity. It described the pattern as consistent with coordinated preparation rather than organic network participation. Following the distribution, the cluster network began consolidating the assets. Data shows that roughly 500 of the identified wallets transferred their IRYS allocations to intermediary addresses before routing the funds to Bitget, a centralized exchange. IRYS Token Address Clusters. Source: BubbleMaps The flow of tokens, valued at approximately $4 million, indicates a likely preparation to liquidate the position. Such a move could introduce significant sell-side pressure on the asset’s order book. Sponsored IRYS price has come under pressure following the disclosures. The token has declined 16% over the past 24 hours and is trading near $0.032 as of press time. Bubblemaps noted that it found no on-chain evidence linking the IRYS team to the wallet cluster. Irys markets itself as an “on-chain AWS” designed for data storage and smart-contract execution. The protocol has raised more than $13 million from venture capital investors and listed its token this week on major exchanges, including Binance and Coinbase. Airdrop Farmers are very bad for this space. > Someone claimed 20% of the IRYS airdrop > 60% of aPriori airdrop was claimed by one entity via 14,000 addresses > One entity claimed $170M from the MYX airdrop with 100 freshly funded wallets > One entity claimed $4M from the… pic.twitter.com/WvN5D7qlU6 — Crypto with Khan ( SFZ ) (@Cryptowithkhan) November 29, 2025 Sponsored Crypto Needs Stronger… The post 400 Million IRYS Airdrop Faces Scam Allegation appeared on BitcoinEthereumNews.com. Irys, a layer-1 blockchain listed on major exchanges including Coinbase, is under scrutiny after a single entity captured roughly 20% of its airdrop allocation. On November 28, blockchain analytics firm Bubblemaps said it identified about 900 wallets involved in the process. Sponsored IRYS Slides After 900 Linked Wallets Take $4 Million in Airdrop Tokens According to the firm, these addresses showed no prior on-chain activity. It described the pattern as consistent with coordinated preparation rather than organic network participation. Following the distribution, the cluster network began consolidating the assets. Data shows that roughly 500 of the identified wallets transferred their IRYS allocations to intermediary addresses before routing the funds to Bitget, a centralized exchange. IRYS Token Address Clusters. Source: BubbleMaps The flow of tokens, valued at approximately $4 million, indicates a likely preparation to liquidate the position. Such a move could introduce significant sell-side pressure on the asset’s order book. Sponsored IRYS price has come under pressure following the disclosures. The token has declined 16% over the past 24 hours and is trading near $0.032 as of press time. Bubblemaps noted that it found no on-chain evidence linking the IRYS team to the wallet cluster. Irys markets itself as an “on-chain AWS” designed for data storage and smart-contract execution. The protocol has raised more than $13 million from venture capital investors and listed its token this week on major exchanges, including Binance and Coinbase. Airdrop Farmers are very bad for this space. > Someone claimed 20% of the IRYS airdrop > 60% of aPriori airdrop was claimed by one entity via 14,000 addresses > One entity claimed $170M from the MYX airdrop with 100 freshly funded wallets > One entity claimed $4M from the… pic.twitter.com/WvN5D7qlU6 — Crypto with Khan ( SFZ ) (@Cryptowithkhan) November 29, 2025 Sponsored Crypto Needs Stronger…

400 Million IRYS Airdrop Faces Scam Allegation

2025/11/30 02:29

Irys, a layer-1 blockchain listed on major exchanges including Coinbase, is under scrutiny after a single entity captured roughly 20% of its airdrop allocation.

On November 28, blockchain analytics firm Bubblemaps said it identified about 900 wallets involved in the process.

Sponsored

IRYS Slides After 900 Linked Wallets Take $4 Million in Airdrop Tokens

According to the firm, these addresses showed no prior on-chain activity. It described the pattern as consistent with coordinated preparation rather than organic network participation.

Following the distribution, the cluster network began consolidating the assets.

Data shows that roughly 500 of the identified wallets transferred their IRYS allocations to intermediary addresses before routing the funds to Bitget, a centralized exchange.

IRYS Token Address Clusters. Source: BubbleMaps

The flow of tokens, valued at approximately $4 million, indicates a likely preparation to liquidate the position. Such a move could introduce significant sell-side pressure on the asset’s order book.

Sponsored

IRYS price has come under pressure following the disclosures. The token has declined 16% over the past 24 hours and is trading near $0.032 as of press time.

Bubblemaps noted that it found no on-chain evidence linking the IRYS team to the wallet cluster.

Irys markets itself as an “on-chain AWS” designed for data storage and smart-contract execution.

The protocol has raised more than $13 million from venture capital investors and listed its token this week on major exchanges, including Binance and Coinbase.

Sponsored

Crypto Needs Stronger Sybil Protection

The episode highlights a structural challenge facing crypto projects that rely on airdrops to expand ownership.

Indeed, Irys allocated 8% of its total supply to the event. The goal was to distribute tokens to early users and help decentralize the network.

Instead, the concentration of tokens in a single cluster shows how airdrops remain vulnerable to actors using large batches of script-generated wallets to capture outsized allocations.

Sponsored

When one entity controls 20% of the initial circulating float, market observers say the result is heightened centralization risk and distorted price discovery.

Meanwhile, incidents like this point to broader limitations in token distribution practices across permissionless ecosystems. These environments have minimal identity checks and unrestricted network access.

This IRYS episode shows how difficult it is to prevent coordinated airdrop capture without stronger filtering, better identity heuristics, or more robust pre-distribution reviews.

Without those safeguards, early liquidity events can disproportionately benefit short-term actors. That dynamic can weaken outcomes for long-term holders and overall network stability.

Source: https://beincrypto.com/irys-airdrop-scam-allegation/

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

This Exclusive Cayman Getaway Tastes As Good As It Feels

This Exclusive Cayman Getaway Tastes As Good As It Feels

The post This Exclusive Cayman Getaway Tastes As Good As It Feels appeared on BitcoinEthereumNews.com. 1OAK’s Sand Soleil sits on Grand Cayman’s iconic Seven Mile Beach 1OAK Exhausted and professionally burnt out, I arrived at 1OAK’s Sand Soleil in search of the type of restoration that could still my mind and get me writing again. The seven-day culinary experience was a no-brainer for me as a food writer. The integration of an epicurean getaway with pure Cayman luxury seemed to be the perfect spark for my creativity—private chef dinners, deep dives into Caribbean flavors, and hands-on masterclasses, all located within a serene, oceanfront villa. I had finally arrived. With the last rays of the sun setting behind Grand Cayman’s famous Seven Mile Beach, casting a warm golden glow across the water, I tasted Chef Joe Hughes’ ceviche for the first time—cubes of wahoo cured in lime, with charred pineapple and a subtle, nutty crunch. Chef Joe Hughes’ love for bright, Asian-inspired flavours came through in this wahoo tataki layered with Vietnamese herbs, ripe papaya and mango, cashew and cilantro, all brought together with a nuoc cham. Jamie Fortune Something softened. For the first time in months, I began to feel present. Sophia List, the brainchild of the 1OAK experience, heard me well. With an intuition honed by years of curating luxury, she matched me with what she called “a vision realized.” List told me Sand Soleil—like the other 1OAK homes on Seven Mile Beach and in West Bay—was created to feel like a real sanctuary. For her, it’s the laid-back alternative to a busy hotel, a place where you get privacy and elegance without any fuss. “We wanted to introduce the Cayman Islands to something truly special—an ultra-luxury experience that combines exquisite design, maximum privacy, and a sense of calm,” she shared as she guided me through the four-bedroom villa. “We are so excited to…
Share
BitcoinEthereumNews2025/12/06 14:01
How Pros Buy Bitcoin Dips With DCA Like Institutions

How Pros Buy Bitcoin Dips With DCA Like Institutions

The post How Pros Buy Bitcoin Dips With DCA Like Institutions appeared on BitcoinEthereumNews.com. “Buy every dip.” That’s the advice from Strike CEO Jack Mallers. According to Mallers, with quantitative tightening over and rate cuts and stimulus on the horizon, the great print is coming. The US can’t afford falling asset prices, he argues, which translates into a giant wall of liquidity ready to muscle in and prop prices up. While retail has latched onto terms like “buy the dip” and “dollar-cost averaging” (DCA) for buying at market lows or making regular purchases, these are really concepts borrowed from the pros like Samar Sen, the senior vice president and head of APAC at Talos, an institutional digital asset trading platform. He says that institutional traders have used these terms for decades to manage their entry points into the market and build exposure gradually, while avoiding emotional decision-making in volatile markets. Source: Jack Mallers Related: Cryptocurrency investment: The ultimate indicators for crypto trading How institutions buy the dip Treasury companies like Strategy and BitMine have become poster children for institutions buying the dip and dollar-cost averaging (DCA) at scale, steadfastly vacuuming up coins every chance they get. Strategy stacked another 130 Bitcoin (BTC) on Monday, while the insatiable Tom Lee scooped up $150 million of Ether (ETH) on Thursday, prompting Arkham to post, “Tom Lee is DCAing ETH.” But while it may look like the smart money is glued to the screen reacting to every market downturn, the reality is quite different. Institutions don’t use the retail vocabulary, Samar explains, but the underlying ideas of disciplined accumulation, opportunistic rebalancing and staying insulated from short-term noise are very much present in how they engage with assets like Bitcoin. The core difference, he points out, is in how they execute those ideas. While retail investors are prone to react to headlines and price charts, institutional desks rely…
Share
BitcoinEthereumNews2025/12/06 13:53