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

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)
$0.04556
$0.04556$0.04556
0.00%
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 [email protected] 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

Trump is 'rattled' as White House descends into 'finger-pointing': Axios founder

Trump is 'rattled' as White House descends into 'finger-pointing': Axios founder

The shooting and killing of 37-year-old Alex Pretti by DHS agents in Minnesota on Saturday has not only led to a shakeup within the department, but also has Donald
Share
Rawstory2026/01/28 20:09
Crypto execs met with US lawmakers to discuss Bitcoin reserve, market structure bills

Crypto execs met with US lawmakers to discuss Bitcoin reserve, market structure bills

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
Share
Coinstats2025/09/18 03:30
China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push

China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push

TLDR China instructs major firms to cancel orders for Nvidia’s RTX Pro 6000D chip. Nvidia shares drop 1.5% after China’s ban on key AI hardware. China accelerates development of domestic AI chips, reducing U.S. tech reliance. Crypto and AI sectors may seek alternatives due to limited Nvidia access in China. China has taken a bold [...] The post China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push appeared first on CoinCentral.
Share
Coincentral2025/09/18 01:09