MYX Rally: 1,500 percent in 3 days – “The wildest crime”
- The token of the perpetual DEX MYX Finance has been causing a stir in the crypto community in recent days. From around $1.20 on September 6, the token rose to just under $18 yesterday. Investors' investments increased 15-fold during this period.
- MYX is the native token of a non-custodial derivatives platform for perpetual futures. However, the price explosion, which was rocket-like even for the crypto space, also caused considerable skepticism. The accusation: market manipulation.
- According to the report, spot trading of the token is expected to be heavily concentrated on Bitget—Binance has listed MYX perks. At the same time, the price jump coincides with token unlocks. Nearly 39 million MYX tokens were released at the beginning of August.
- For example, one crypto analyst on X stated: “Over $10 million in short positions were liquidated in one day, and large investors deliberately drove the price up to trigger liquidations.”
- The summary: “This is a textbook pump-and-dump scheme.” His allegations range from wash trading and coordinated activities by crypto whales to fake liquidity, to market manipulation through short squeezes and insider trading.
- Crypto influencer “VIKTOR” sees it similarly: “MYX is probably the wildest crime I've ever seen on Binance. The spot market supply is completely exhausted, and the current FDV (fully diluted value) is $16 billion.”
- He particularly criticizes the crypto exchange of founder Changpeng Zhao: “Do you really not care how much crime is going on on your platforms? You should have better due diligence on the things you list.”
- The Perp-DEX launched in early 2024. The token generation event for MYX took place on May 6 of this year.
Recommended Video: Crypto Comeback? Bitcoin & Co. Depend on the US Federal Reserve!
