Irys Airdrop was exploited for 4 million dollars: 900 phantom Wallets took 20% Token straight to the exchange.

DAOplomacy

2025-11-29 18:40:20

Abstract generation in progress

[Coin World] Recently, the Layer-1 project Irys has encountered a big issue on Coinbase and Binance. Blockchain analysis firm Bubblemaps has revealed shocking news - it was found that nearly 900 Wallet Addresses secretly took away one-fifth of the total Airdrop amount of the project, equivalent to 4 million dollars.

What is the most bizarre part of this matter? These wallets were previously clean, with no records on the chain, a typical case of batch operation with new accounts. What's even more suspicious is that these tokens didn't directly dump; instead, they first went through a round of intermediate addresses and finally all gathered at Bitget - this tactic is obvious to anyone with keen eyes that they are preparing to run away and cash out.

As soon as the news broke, IRYS plummeted by 16 points, now hanging at $0.032. Although there is currently no evidence pointing to the official team being involved, this operation has exposed the underlying issues of the airdrop mechanism—witch attacks are hard to defend against, and the security vulnerabilities in token distribution have once again come to light. The project team is likely scrambling to find a remedy, and investors need to weigh their options carefully.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes

Reward
10
5
Repost
Share

Comment

0/400

TokenTaxonomist

· 11-29 19:10

actually, per my analysis... 900 wallets with zero on-chain history pulling off a $4m coordinated drain? that's not sybil attack, that's just lazy airdrop design. taxonomically speaking, irys fucked up the classification phase.

Reply0

VitalikFanAccount

· 11-29 19:10

It's the same old Sybil Attack again; I already knew the Airdrop defense line was just for show. Such obvious bulk new accounts, did the project party really not notice beforehand? 4 million dollars heading straight for the exchange, a classic Rug Pull rehearsal. This Irys incident reminds me of that pile of projects before; the Airdrop mechanism really needs to be revised.

View OriginalReply0

SerRugResistant

· 11-29 19:02

900 ghost Wallets directly rush to the exchange, this trap is really amazing, the Airdrop mechanism truly can't guard against witches.

View OriginalReply0

GigaBrainAnon

· 11-29 19:00

900 ghost Wallets heading straight to the exchange, this trap is too obvious, the Sybil Attack really can't be defended against.

View OriginalReply0

ParallelChainMaxi