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

For feedback or concerns regarding this content, please contact us at crypto.news@mexc.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.

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/

Market Opportunity
Irys Logo
Irys Price(IRYS)
$0.01728
$0.01728$0.01728
-2.64%
USD
Irys (IRYS) Live Price Chart
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 crypto.news@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

Silver Prices Edge Closer to a Pivotal Support and Resistance Test

Silver Prices Edge Closer to a Pivotal Support and Resistance Test

The post Silver Prices Edge Closer to a Pivotal Support and Resistance Test appeared on BitcoinEthereumNews.com. The silver market, although experiencing recent
Share
BitcoinEthereumNews2026/03/07 11:29
QB Depth Chart And Injury Updates

QB Depth Chart And Injury Updates

The post QB Depth Chart And Injury Updates appeared on BitcoinEthereumNews.com. COLUMBIA, SOUTH CAROLINA – SEPTEMBER 13: LaNorris Sellers #16 of the South Carolina Gamecocks in action during the game against the Vanderbilt Commodores at Williams-Brice Stadium on September 13, 2025 in Columbia, South Carolina. (Photo by Brendan Ross/Vanderbilt University/University Images via Getty Images) University Images via Getty Images No player moves the college football betting line quite like the quarterback. The best can be worth more than a touchdown compared to the backup, and here’s a look at some of the notable Power 4 QB depth chart and injury updates heading into Week 4. Garrett Nussmeier LSU Tigers QB Garrett Nussmeier has been slowed by a torso injury, head coach Brian Kelly said. He does not appear to be in any danger of missing Saturday’s game against Southeastern Louisiana, but the Tigers should be able to cruise with or without Nussmeier. After tough games against the Clemson Tigers and Florida Gators already, this could be a great opportunity to limit his workload if LSU builds a big lead. If that happens, look for Mississippi State transfer Michael Van Buren to make his Tigers debut. Austin Simmons Ole Miss Rebels QB Austin Simmons reaggravated his left ankle injury in last weekend’s win over the Arkansas Razorbacks. He originally suffered the injury the previous game and did not start but entered when backup Trinidad Chambliss briefly exited. Head coach Lane Kiffin said he anticipates Simmons will start on Saturday against Tulane. If not, Chambliss is likely in line for his second consecutive start. LaNorris Sellers South Carolina Gamecocks QB LaNorris Sellers is listed as questionable on the SEC Availability Report heading into Saturday’s road matchup against the Missouri Tigers. Head coach Shane Beamer declined to say whether he suffered a concussion last weekend against the Vanderbilt Commodores but said he’s optimistic Sellers…
Share
BitcoinEthereumNews2025/09/19 05:17
Wormhole’s W token enters ‘value accrual’ phase with strategic reserve

Wormhole’s W token enters ‘value accrual’ phase with strategic reserve

Wormhole has moved beyond its distribution phase, initiating a new strategy. By allocating on-chain and off-chain protocol revenue to a dedicated treasury, the cross-chain protocol is creating a direct link between its commercial success and the value of its native…
Share
Crypto.news2025/09/18 03:05