Oh, the blockchain drama! Irys, the layer-1 blockchain that’s basically the “on-chain AWS” for data storage and smart-contract execution, is in hot water after one entity decided to play Santa with 20% of its airdrop. 🎅✨ Except this Santa is more like a greedy goblin hoarding all the tokens. 🧙♂️💰
On November 28, the blockchain detectives at Bubblemaps (yes, that’s a real thing) announced they’d spotted about 900 wallets getting cozy with the airdrop. 🕵️♂️🔍 No prior on-chain activity? Check. Coordinated preparation? Double check. Organic network participation? Ha! As if. 🍃🚫
IRYS Token Takes a Nosedive After $4 Million Airdrop Heist 🛩️💸
Turns out, roughly 500 of these wallets decided to play musical chairs with their tokens, shuffling them to intermediary addresses before dumping them on Bitget. 🎶💨 Because nothing says “I’m here for the tech” like a quick cash-out. 💸
The $4 million token haul? Probably headed for liquidation faster than a Black Friday sale. 🛍️💨 And the IRYS price? Down 16% in 24 hours. Ouch. 😬📉 Trading at $0.032? That’s less than a latte at your local hipster café. ☕
Bubblemaps swears there’s no on-chain evidence linking the Irys team to this wallet cluster. But let’s be real, the plot thickens like a bowl of blockchain oatmeal. 🥣🤔
Irys, with its $13 million in VC funding and listings on Binance and Coinbase, markets itself as the future of data storage. But this airdrop fiasco? More like a dumpster fire. 🔥🗑️
Airdrop Farmers are the cockroaches of crypto. 🪳💨
> 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…
– Crypto with Khan ( SFZ ) (@Cryptowithkhan) November 29, 2025
Crypto’s Sybil Problem: When Airdrops Turn Into Greed Fests 🤑🎪
This whole mess highlights crypto’s favorite structural challenge: airdrops. Irys allocated 8% of its supply to decentralize the network. Instead, it ended up centralizing it in the hands of one token-hungry entity. 🤡🤦♂️
Market observers are clutching their pearls over centralization risk and distorted price discovery. But let’s be honest, this is crypto-drama is the only consistent thing. 🎭💔
IRYS Airdrop Exploit: One Wallet Takes 20% (~$4 million) 🧵
> $IRYS finished its airdrop on Nov 26, 2025.
> Total drop: 400M tokens (20% of supply).
> 1,273 wallets claimed 183M IRYS.
> But one entity got 20% of the whole drop.
> They used 897 wallets.
> All funded the same…
– Param (@Param_eth) November 28, 2025
Permissionless ecosystems? More like “come one, come all” for Sybil attacks. 🎪🤖 Stronger filtering, better identity heuristics, or just a dash of common sense could’ve prevented this. But hey, hindsight is 20/20-or in this case, 20% of the airdrop. 😎🔮
Until then, early liquidity events will keep benefiting short-term actors, leaving long-term holders and network stability in the dust. But that’s crypto for you-a wild ride with no seatbelts. 🎢🚀
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2025-11-29 21:58