3.2M Blur Tokens: Did Whales Game the Airdrop System?

Overview

• The Blur token airdrop disproportionately benefited a small number of traders, raising concerns over potential wash trading.
• The 23 most active users received more than one million blur tokens and one trader received over 3.2 million BLUR tokens.
• Reports suggest that these traders might have gamed the system through wash trading or attempting to game the Blur airdrop mechanics.

Blur Airdrop Details

Blur, the professional NFT marketplace, is offering an airdrop of Blur tokens to eligible NFT traders since Wednesday. Traders can collect these tokens for free and keep them or sell them for profit. Most traders have already taken advantage of this opportunity, claiming over 90% of the 360 million tokens, valued at $0.9 each. However, it seems that this airdrop disproportionately benefited a small number of traders which has raised some concern over potential wash trading or attempts at gaming the Blur airdrop mechanics.

The Biggest Winners

According to data gathered by blockchain intelligence agency Dune, 23 most active users got more than one million blur tokens and one trader got more than 3.2 million BLUR tokens worth about $0.9 each; meaning that this wallet alone gained nearly $3.2 million in Blur tokens from the airdrop. Interestingly, wallets with second and third biggest gains had interacted with this first wallet – potentially indicating wash trading or attempts at gaming the system.

NFT Analytics Firm Concerns

Vijay Pravin, founder and CEO of NFT analytics firm bitsCrunch also raised concerns over possible wash trading activities with regards to the three biggest winners in this airdrop: “All of these addresses have been trading NFTs back and forth with each other,“ said Pravin „They wash-traded!“ On-chain data shows that one out of three wallets cashed out 1.7 million in Blur tokens while two others are still holding their entire balance suggesting further analysis is necessary to determine if any malicious activity occurred during the process of receiving these funds from an Airdrop mechanism like this one offered by Blur Marketplace..

Conclusion

Though no conclusive evidence has been found yet as to whether any malicious activity did take place during this particular event when it comes to gaining disproportionate amounts from an Airdrops such as those offered by Blur Marketplace it is important for all participants involved to pay close attention when engaging in such activities due to their potential for manipulation through Wash Trading and other tactics used by unscrupulous actors looking gain unfair advantages within Crypto markets like those involving Non Fungible Tokens (NFTs).