Analytics firm Bubblemaps raises red flags over MYSTERY token's 90-wallet coordinated launch attack
Analytics platform Bubblemaps has discovered a substantial cluster of wallets that captured 90% of the Mystery token's total supply during its initial launch, sparking distribution fairness concerns.
According to blockchain data analytics platform Bubblemaps, a coordinated network of 90 freshly funded cryptocurrency wallets managed to purchase 90% of the Mystery (MYSTERY) memecoin's total supply during its launch, triggering red flags about potential coordinated manipulation.
Each of these wallets received initial funding from a single source wallet identified as "0x544E," which had previously made a withdrawal of 20 Ether from cryptocurrency exchange Binance before distributing the funds. Following their aggressive acquisition of 90% of the total supply during the token's launch phase, this wallet network proceeded to liquidate approximately $100,000 worth of the tokens while maintaining control of 40% of the overall supply, according to Bubblemaps' Tuesday announcement on X. The blockchain analytics firm characterized this behavior as exhibiting all the hallmarks of a "textbook scam."
The practice known as sniping involves deploying automated bots or specialized trading software to purchase freshly launched cryptocurrency tokens within seconds of trading commencing, typically before retail traders have any opportunity to participate. These discoveries underscore how coordinated wallet networks combined with automated purchasing mechanisms can establish dominance over memecoin launches with limited liquidity, creating significant risk exposure for subsequent buyers who face potentially devastating losses when initial holders decide to liquidate their positions.
The concept of a fair launch is designed to ensure that every participant receives an equitable opportunity to purchase a token at the moment trading begins, preventing insider advantages or coordinated wallet networks from establishing early dominance over the token supply. The supply concentration identified by Bubblemaps would represent a fundamental violation of this principle if evidence confirms the wallets operated in coordination.
Mystery token down 75% from peak
According to data from Dexscreener, the Mystery token experienced a surge to reach a maximum market capitalization of $7.5 million on April 28, subsequently declining approximately 75% to register a $1.9 million market capitalization as of the current reporting time.
The memecoin initiative markets itself as representing a free-spirited frog character originating from Matt Furie's artistic work "The Night Riders" and asserts that it has successfully obtained the official HEDZ NFT along with associated intellectual property rights directly from Furie, based on information shared in a Monday X post.
Attempts by Cointelegraph to reach Mystery representatives for commentary were unsuccessful.
The prevalence of sniping activity has represented a persistent problem related to value extraction within the memecoin ecosystem for an extended period.
During February 2025, a cryptocurrency sniper generated profits approaching $28 million through trading the Broccoli (BROCCOLI) memecoin, coming shortly after Binance co-founder and previous CEO, Zhangpeng Zhao, disclosed that his Belgian Malinois dog bore the name "Broccoli," which triggered a surge of community-created memecoin launches on the Pump.fun launchpad platform.
In November 2025, analytics platform Bubblemaps made allegations that approximately 160 wallets operating as a cluster had amassed 30% of the decentralized lending protocol Edel Finance's (EDEL) token supply during its launch phase, representing a value exceeding $11 million. James Sherborne, who serves as co-founder of Edel Finance, rejected these allegations and stated that the development team had formulated plans to acquire 60% of the token supply.