IRYS launched this week with momentum, hype, and a clean narrative: a decentralized data infrastructure layer branded as “the on-chain AWS.” Backed by more than $13M raised from VCs, the project promised cheaper, faster, and more resilient data rails for Web3. But within 48 hours of launch, a much different story surfaced. According to new research from @bubblemaps, a cluster of 900 near-identical wallets claimed 20% of the IRYS airdrop, then funneled millions in tokens straight to Bitget, raising fresh concerns around Sybil attacks, pre-funded wallets, and fairness in major token distributions. Already, $4M worth of IRYS has been moved
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