A report by Rena Labs and Insider.Cash claims that trading of the MYX token, associated with the MYX decentralized exchange, exhibits strong signs of market manipulation. The report analyzed over 9,200 minute-by-minute trading data points from September 9 to September 18, identifying 249 anomalies linked to illiquidity, volume spikes, price ratios, and trade intensity. Notably, liquidity anomalies surged by 433% on September 9, coinciding with substantial trading irregularities. Furthermore, MYX token average trade sizes decreased by 67% during peak illiquidity periods. The report highlights that it is statistically improbable (less than 0.001% chance) for such anomalies to occur due to organic trading activities. Rena Labs indicated that coordinated manipulation strategies, rather than natural market forces, likely drove these trading patterns. Additionally, Bubblemaps raised suspicions regarding a recent MYX token airdrop, suggesting it may have been affected by a Sybil attack, where one entity controlled multiple accounts to exploit the airdrop. This resulted in considerable profits from the claimed tokens.

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