A shocking new analysis from blockchain analytics firm Bubblemaps reveals a coordinated attack on the IRYS airdrop, where one entity managed to seize 20% of the total supply and dump millions of dollars worth of tokens. This intricate operation raises serious concerns about fairness and decentralization in cryptocurrency distribution models. 900 wallets were strategically funded right before the token launch, allowing this individual or group to bypass intended limits and accumulate a disproportionate amount of IRYS tokens. The impact was immediate, with the entity dumping $4 million worth of the tokens to Bitget exchange just hours after claiming them, causing a downward price pressure on the token for others who received the airdrop legitimately.