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Iris, a layer-1 blockchain listed on major exchanges, including Coinbase, is under scrutiny after an entity took about 20% of its airdrop distribution.
On November 28, blockchain analytics company Public Maps said it had identified around 900 wallets involved in the operation.
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IRYS collapses after 900 linked wallets took $4M in promo codes
According to the company, these addresses have not shown previous activity on the network. She described the model as consistent with a coordinated configuration rather than spontaneous participation in the network.
After distribution, the blockchain began to accumulate assets.
The data shows that around 500 of the wallets identified transferred their allocations from IRIS to intermediary addresses before directing the funds to Bitgate, a centralized exchange.
The influx of tokens, valued at around $4 million, indicates a possible preparation to liquidate the position. Such a move can introduce significant selling pressure into the asset’s order book.
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iris price Under pressure after disclosure. The token is down 16% in the last 24 hours and is trading near $0.032 at press time.
Public Maps noted that it had found no evidence on the chain linking the Eris team to the wallet group.
Iris promotes itself as “AWS on-chain” designed to store data and execute smart contracts.
The protocol has raised more than $13 million from venture capital investors and listed its token this week on major exchanges, including Binance and Coinbase.
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Cryptocurrencies require stronger protection against Sybil attacks
The event highlights the structural challenge facing cryptocurrency projects that rely on airdrops to expand ownership.
Indeed, Iris allocated 8% of the total supply to this event. The goal was to distribute tokens to early users and help decentralize the network.
Instead, the concentration of tokens in a single pool shows how the airdrop remains vulnerable to actors using large batches of script-generated wallets to capture large allocations.
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When one entity controls 20% of the initial circulating supply, market observers say the result is an increased risk of tight centralization and price discovery distortions.
At the same time, incidents like these highlight broader limitations in token distribution practices in open ecosystems. These environments have minimal identity control and unrestricted network access.
This episode of IRYS shows how difficult it is to prevent Regular airdrop acquisition Without stronger filtering, improved identity tools, or more robust pre-implementation reviews.
Without these guarantees, early liquidity events could… Disproportionate benefits for short-term actors. This dynamic can hinder the results for long-term owners and the overall stability of the network.
