Experts believe that $MYX coin was heavily manipulated :
A new report shows that trading in the $MYX token was very likely manipulated and not natural. The study, done by Rena Labs and Insider.Cash, looked at over 9,000 data points between Sept. 9 and Sept. 16. It found 249 unusual trading patterns, including sudden volume spikes, strange price movements, and big drops in liquidity.
On Sept. 9, liquidity problems on the Gate exchange jumped by more than 400%. In the days after, there were 32 cases where liquidity dried up. During these times, the average trade size fell by 67%, trading activity dropped 45%, and bid-ask spreads (the gap between buy and sell prices) behaved in unusual ways. Instead of widening when liquidity was low, they actually narrowed — a clear red flag.
Rena Labs said the chance of all these strange events happening naturally is less than 0.001%. In other words, the activity almost certainly wasn’t organic. Cointelegraph tried reaching out to MYX Finance for comment but got no reply.
Meanwhile, blockchain analytics firm Bubblemaps raised another concern. It said the MYX token airdrop may have suffered one of the largest Sybil attacks in crypto history. According to their data, one group used 100 new wallets to claim 9.8 million MYX tokens and made about $170 million in profit. A Sybil attack is when one person controls many fake accounts to make activity look real.
Overall, both the report and the airdrop investigation suggest that $MYX trading and distribution may have been heavily manipulated, raising big questions about the project’s fairness and trustworthiness.