IRYS airdrop under investigation for Sybil wallet manipulation and suspicious activity. Bubblemaps uncovers $4M movement linked to suspicious wallets in IRYS airdrop. Sybil attack allegations threaten fairness of IRYS token distribution process. The IRYS airdrop, one of the most talked-about token launches this month, is now facing serious scrutiny after a deep dive by on-chain analytics platform Bubblemaps. The platform uncovered signs that a significant portion of the airdrop might have been claimed by a coordinated network of Sybil wallets. According to their findings, suspicious activity around the launch raised alarms about the fairness of the distribution process. Bubblemaps reported that unusual wallet activity began just one day before the airdrop went live. They discovered that approximately 900 new wallets were funded by the crypto exchange Bitget within a very tight time frame. These wallets showed strikingly similar patterns: no prior on-chain history, nearly identical ETH deposits, and immediate claims of the IRYS tokens as soon as the airdrop was launched. This group of wallets alone claimed around 20% of the total IRYS supply, raising concerns about potential manipulation. Also Read: XRP Set for Explosive 10x Rally? Analyst Reveals Shocking 2017 Pattern Repeating! $4 Million in Tokens Sent to Bitget Amid Suspicious Patterns In an even more alarming development, Bubblemaps revealed that 500 wallets tied to these suspicious clusters quickly moved their IRYS tokens to fresh wallets and then transferred them to Bitget. As of now, approximately $4 million worth of IRYS tokens has already been sent to the exchange. However, Bubblemaps emphasized that there is still no evidence linking the IRYS team to these wallets. The investigation continues, with the platform’s Intel Desk open for community involvement. Someone claimed 20% of the $IRYS airdrop Using a cluster of 900 identical wallets funded just before launch $4M already sold pic.twitter.com/Xas2AjZoxn — Bubblemaps (@bubblemaps) November 28, 2025 Additionally, the platform found that between November 21 and 24, Bitget funded 20 separate batches of ETH to around 50 wallets each. These wallets displayed the same suspicious behavior, further deepening the concerns about Sybil farming tactics potentially skewing the airdrop distribution. Airdrop Manipulation Echoes a Previous Incident with aPriori Tokens This new controversy surrounding IRYS isn’t the first instance of suspected Sybil attacks during airdrops. Bubblemaps previously uncovered similar tactics with the aPriori (APR) airdrop. In that case, around 60% of APR tokens were claimed by a single group using 14,000 connected wallets. This raised alarms over how such coordinated efforts can drain airdrop supplies, leaving legitimate participants at a disadvantage. The growing scrutiny of the IRYS airdrop has spurred discussions in the crypto community about the need for tighter controls on airdrop distributions to prevent such manipulation. As the investigation continues, it remains to be seen what impact these revelations will have on the IRYS project and its future token distribution plans. Also Read: Altcoin Market Faces $1.8 Billion Surge in Tokens This December The post IRYS Airdrop Under Investigation for Sybil Attacks, $4M Sent to Suspicious Wallets! appeared first on 36Crypto. IRYS airdrop under investigation for Sybil wallet manipulation and suspicious activity. Bubblemaps uncovers $4M movement linked to suspicious wallets in IRYS airdrop. Sybil attack allegations threaten fairness of IRYS token distribution process. The IRYS airdrop, one of the most talked-about token launches this month, is now facing serious scrutiny after a deep dive by on-chain analytics platform Bubblemaps. The platform uncovered signs that a significant portion of the airdrop might have been claimed by a coordinated network of Sybil wallets. According to their findings, suspicious activity around the launch raised alarms about the fairness of the distribution process. Bubblemaps reported that unusual wallet activity began just one day before the airdrop went live. They discovered that approximately 900 new wallets were funded by the crypto exchange Bitget within a very tight time frame. These wallets showed strikingly similar patterns: no prior on-chain history, nearly identical ETH deposits, and immediate claims of the IRYS tokens as soon as the airdrop was launched. This group of wallets alone claimed around 20% of the total IRYS supply, raising concerns about potential manipulation. Also Read: XRP Set for Explosive 10x Rally? Analyst Reveals Shocking 2017 Pattern Repeating! $4 Million in Tokens Sent to Bitget Amid Suspicious Patterns In an even more alarming development, Bubblemaps revealed that 500 wallets tied to these suspicious clusters quickly moved their IRYS tokens to fresh wallets and then transferred them to Bitget. As of now, approximately $4 million worth of IRYS tokens has already been sent to the exchange. However, Bubblemaps emphasized that there is still no evidence linking the IRYS team to these wallets. The investigation continues, with the platform’s Intel Desk open for community involvement. Someone claimed 20% of the $IRYS airdrop Using a cluster of 900 identical wallets funded just before launch $4M already sold pic.twitter.com/Xas2AjZoxn — Bubblemaps (@bubblemaps) November 28, 2025 Additionally, the platform found that between November 21 and 24, Bitget funded 20 separate batches of ETH to around 50 wallets each. These wallets displayed the same suspicious behavior, further deepening the concerns about Sybil farming tactics potentially skewing the airdrop distribution. Airdrop Manipulation Echoes a Previous Incident with aPriori Tokens This new controversy surrounding IRYS isn’t the first instance of suspected Sybil attacks during airdrops. Bubblemaps previously uncovered similar tactics with the aPriori (APR) airdrop. In that case, around 60% of APR tokens were claimed by a single group using 14,000 connected wallets. This raised alarms over how such coordinated efforts can drain airdrop supplies, leaving legitimate participants at a disadvantage. The growing scrutiny of the IRYS airdrop has spurred discussions in the crypto community about the need for tighter controls on airdrop distributions to prevent such manipulation. As the investigation continues, it remains to be seen what impact these revelations will have on the IRYS project and its future token distribution plans. Also Read: Altcoin Market Faces $1.8 Billion Surge in Tokens This December The post IRYS Airdrop Under Investigation for Sybil Attacks, $4M Sent to Suspicious Wallets! appeared first on 36Crypto.

        Highlights:  US prosecutors requested a 12-year prison sentence for Do Kwon after the Terra collapse. Terraform’s $40 billion downfall caused huge losses and sparked a long downturn in crypto markets.  Do Kwon will face sentencing on December 11 and must give up $19 million in earnings.   US prosecutors have asked a judge to give Do Kwon, Terraform Labs co-founder, a 12-year prison sentence for his role in the remarkable $40 billion collapse of the Terra and Luna tokens. The request also seeks to finalize taking away Kwon’s criminal earnings.  The court filing came in New York’s Southern District on Thursday. This is about four months after Kwon admitted guilt on two charges: wire fraud and conspiracy to defraud. Prosecutors said Kwon caused more losses than Samuel Bankman-Fried, Alexander Mashinsky, and Karl Sebastian Greenwood combined.  U.S. prosecutors have asked a New York federal judge to sentence Terraform Labs co-founder Do Kwon to 12 years in prison, calling his role in the 2022 TerraUSD collapse a “colossal” fraud that triggered broader crypto-market failures, including the downfall of FTX. Sentencing is… — Wu Blockchain (@WuBlockchain) December 5, 2025  Terraform Collapse Shakes Crypto Market Authorities explained that Terraform’s collapse affected the entire crypto market. They said it helped trigger what is now called the ‘Crypto Winter.’ The filing stressed that Kwon’s conduct harmed many investors and the broader crypto world. On Thursday, prosecutors said Kwon must give up just over $19 million. They added that they will not ask for any additional restitution. They said: “The cost and time associated with calculating each investor-victim’s loss, determining whether the victim has already been compensated through the pending bankruptcy, and then paying out a percentage of the victim’s losses, will delay payment and diminish the amount of money ultimately paid to victims.” Authorities will sentence Do Kwon on December 11. They charged him in March 2023 with multiple crimes, including securities fraud, market manipulation, money laundering, and wire fraud. All connections are tied to his role at Terraform. After Terra fell in 2022, authorities lost track of Kwon until they arrested him in Montenegro on unrelated charges and sent him to the U.S. Do Kwon’s Legal Case and Sentencing In April last year, a jury ruled that both Terraform and Kwon committed civil fraud. They found the company and its co-founder misled investors about how the business operated and its finances. Jay Clayton, U.S. Attorney for the Southern District of New York, submitted the sentencing request in November.  TERRA STATEMENT: “We are very disappointed with the verdict, which we do not believe is supported by the evidence. We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully weighing our options and next steps.” — Zack Guzmán  (@zGuz) April 5, 2024  The news of Kwon’s sentencing caused Terraform’s token, LUNA, to jump over 40% in one day, from $0.07 to $0.10. Still, this rise remains small compared to its all-time high of more than $19, which the ecosystem reached before collapsing in May 2022. In a November court filing, Do Kwon’s lawyers asked for a maximum five-year sentence. They argued for a shorter term partly because he could face up to 40 years in prison in South Korea, where prosecutors are also pursuing a case against him. The legal team added that even if Kwon serves time in the U.S., he would not be released freely. He would be moved from prison to an immigration detention center and then sent to Seoul to face pretrial detention for his South Korea charges.    eToro Platform    Best Crypto Exchange   Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users    9.9   Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.