The AVNT token, native to Avantis—a decentralized perpetual futures exchange on the Base network—has continued its double-digit rally following a strong debut.
Despite its strong performance, concerns around the integrity of the token’s distribution have surfaced. On-chain analytics platform Bubblemaps disclosed evidence of a sophisticated Sybil attack surrounding AVNT.
AVNT Trading Volume Explodes 280% After Major Exchange Listings
SponsoredBeInCrypto recently reported that AVNT’s entry into the market was bolstered by strong backing from major exchanges. On Monday, the token achieved a significant milestone with triple listings on leading South Korean platforms Upbit and Bithumb, as well as on Binance, the world’s largest cryptocurrency exchange.
The listings sparked a sharp rally, pushing AVNT’s price above $1 and driving it to a new all-time high (ATH) of $1.54 yesterday. Moreover, momentum has continued.
BeInCrypto Markets data showed that the token gained 30.6% in the past 24 hours. At the time of writing, AVNT was trading at $1.13. Furthermore, its market capitalization has also risen from around $180 million to $296.5 million.
Investors are also actively trading AVNT. Daily trading volume exceeded $2 billion, representing a 280.70% increase from the prior day. South Korean traders accounted for the majority of liquidity, with approximately 29% of volume on Upbit.
Avantis Faces Sybil Attack Allegations
Despite the bullish metrics, concerns emerged over the airdrop’s integrity. Bubblemaps’ investigation, detailed in a latest thread on X, identified a coordinated Sybil attack involving more than 300 wallet addresses controlled by a single entity.
SponsoredThese addresses netted $4 million in AVNT tokens, exploiting the distribution mechanism designed to incentivize genuine participation.
“AVNT made headlines last week after a 12.5% airdrop. Some users walked away with 6 figures – but one entity may have taken much more,” Bubblemaps reported.
The post detailed several points that indicated Sybil behavior among several AVNT airdrop recipients. The wallets involved were funded through Coinbase. In addition, they received USDC transfers from a small cluster of sources.
These accounts then carried out trades on Avantis and claimed AVNT tokens through the airdrop. The tokens were later pooled into a few addresses.
Moreover, the addresses sent to funds to centralized exchanges like Bybit and Gate in a synchronized move. This pattern strongly suggests that a single, orchestrated group drove the activity rather than genuine individual users.
According to a blockchain analytics platform, the patterns mirrored the MYX Finance (MYX) airdrop. In MYX, dormant wallets were activated solely for claims.
“The funding and claiming patterns match perfectly; this was clearly coordinated,” Bubblemaps concluded.
Avantis has not issued an official response to the allegations as of this writing. The claims now leave investors weighing the token’s impressive market momentum against unresolved concerns over fairness in its distribution. How Avantis addresses these allegations could play a decisive role in shaping AVNT’s long-term credibility and trajectory.
Midnight