Mystiko Network, which is behind the altcoin XZK, caused a wave of outrage within the community after its second airdrop. The reason was suspicions that two addresses received significantly more tokens compared to other participants.

Insider trading warning in altcoin project
According to blockchain data, wallet “0xBca” gained a huge advantage by receiving 59,570 XZK ($1,787) and “oxda8” received 60,325 XZK tokens ($2,170). Other participants generally stayed between 400 and 5,740 XZK tokens (maximum $172). This led to accusations of "insider trading" within the community.

Cryptocurrency airdrops in 2024 are being closely monitored. Professional “hunters” participate in airdrops using multiple wallets and quickly realize their profits without a long-term holding strategy. This situation disrupts the supply-demand balance in the market, losing the main purpose of the airdrop system.

Mystiko Discord moderator Ellie called the allegations "baseless" but did not elaborate on the matter further: "You can look at our statement on Twitter. This is a completely false accusation. Looking at the blockchain data you will see the opposite of the truth."

In its Twitter post dated July 25, Mystiko Network argued that the addresses receiving large amounts of tokens belonged to "people who contributed to the ecosystem in the early period." However, it did not provide enough data to prove whether these wallets actually belonged to early participants or other individuals.

From a broader perspective, it is questioned whether cryptocurrency airdrops harm the DeFi ecosystem in the long term. Airdrop hunters only aim for quick profits without using the protocol, which poses an obstacle to real adoption of the protocol.

In February, Yearn.finance developer Banteg warned that Starknet's airdrop eligibility list was mostly populated by hunters. In March 2023, it was revealed that airdrop hunters earned $3.3 million from 1,496 different wallets that they combined to collect Arbitrum (ARB) tokens.

The XZK price also dropped by 12.7 percent upon these developments and is currently trading at $0.034. This situation that Mystiko Network is facing raises again the issue of how transparent and fair the airdrop system operates and may negatively affect the reputation of the community.

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