• The Blur token airdrop disproportionately benefited a small number of traders, with the top 23 traders receiving over one million tokens each and one trader receiving more than 3.2 million.
• Reports suggest that these traders might have gamed the system by engaging in wash trading or trying to game the Blur airdrop mechanics.
• According to blockchain intelligence agency Dune and NFT analytics firm bitsCrunch, the three biggest winners of the Blur airdrop may have been involved in wash trading.
Blur Airdrop: Did Whales Game the System?
The professional NFT marketplace, Blur, is giving away free tokens to eligible traders since Wednesday. Most already took advantage of this situation and claimed over 90% of 360 million tokens valued at $0.9 each. However, reports suggest that these traders might have gamed the system and benefited disproportionately from this opportunity.
Who Benefited from the Airdrop?
According to Nansen, the 23 most active users received more than one million blur tokens while one trader was given more than 3.2 million BLUR tokens, worth about $0.9 each—a multi-million dollar windfall for just one person who engaged in such behavior.
Possible Wash Trading Scenario
The biggest trader got nearly $3.2 million in Blur tokens from a relatively new wallet only three months old according to Decrypt’s report on its address activity where it traded several NFTs repeatedly—which could indicate that it engaged in wash trading or tried gaming Blur’s airdrop mechanics. Similarly, wallets with second and third biggest airdrop values (2.9M and 2.5M BLUR respectively) had interacted with said wallet as well raising concerns about potential wash trading attempts or gaming behavior behind these trades too..
Analytics Firm Observations
Founder and CEO of NFT analytics firm bitsCrunch Vijay Pravin raised similar concerns when he tweeted out “All of these addresses have been trading NFTs back and forth with each other – they WASH-TRADED!” On-chain data shows that second largest recipient cashed out 1.7 million in BLUR tokens while other two wallets are still holding their entire share of BLUR tokens given through an airdrop which offered 12% of total token supply available on market currently at $0.9 per token rate..
Though Blur gave away free tokens through an airdrop event which was taken advantage of by most eligible users but certain reports point towards possible attempts made by some users to game or exploit system for their benefit engaging into wash trading activities causing heavy losses for others who would otherwise have received those funds had there not been any manipulation going on at back end making it essential for platform providers like blur to implement stringent measures against such malicious practices in future if they intend on being successful long term