20% of IRYS Airdrop Claimed by a 900-Wallet Cluster, $4M Already Sold

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 to Bitget.

And the pattern behind the wallets is difficult to ignore.

Two days ago, IRYS launched its token with an 8% airdrop reserved for early users, a reward meant to celebrate organic adoption and decentralization.

Instead, it appears that a coordinated cluster slipped in just before the cutoff.

Someone claimed 20% of the $IRYS airdrop

Using a cluster of 900 identical wallets funded just before launch

$4M already sold