Confirmed! $MYX surged 1,400% in a single week—turns out it was a “perfect kill-trap.” Once you saw through the bubble and shorted, you still got liquidated for $89.51 million. Your counter order book has only one person.

Imagine a scenario. You stare at the screen, a token surges 1,400% in a week.
You know this is absurd, the project has no users, no on-chain activity, and the chips are highly concentrated.
You’re convinced it’s a bubble, so you short it. Then you go to sleep.
When you wake up the next day, your position has been forcibly liquidated.

The most ironic thing is, your judgment was completely correct.
This was indeed a fake pump and dump.
Your mistake was not understanding who you were betting against.
This is not hypothetical; it’s the real story of the $MYX token in September 2025.
The price skyrocketed from $1.30 to $18.42, and all the short sellers combined lost $89.51 million.

This type of asset is called a “criminal coin” in the industry.
The issuing team locks most of the chips and colludes with market makers to manipulate the price,
making all retail traders attempting to trade both ways into prey.

It all begins with a written agreement.
The project team signs a contract with the market maker, usually with a 7:3 profit split.
The market maker takes 70%.
The contract explicitly states that the market maker is responsible for “guiding” the price.
Translated, this means pumping or dumping the coin as needed.

The market maker obtains chips through lending.
The project team loans them tokens worth tens of millions of dollars, for a 12-month term.
In theory, at maturity, they either return the tokens or buy them back at a high price.
In practice, the market maker sells all the tokens on the day they receive them, crashing the price,
then buys back the same amount at the low, and profits from the spread.

Criminal coins continue to use this lending model, adding a new harvesting path:
specifically hunting down traders who see through the manipulation and short the asset.

This scheme requires near-absolute monopoly over the chips.
Over 90% of the tokens end up controlled by the same manipulative entity.
On blockchain explorers, it appears as many scattered addresses, but on-chain analysis confirms they belong to the same entity.

Take $MYX as an example. At the peak, only about 20% of the tokens were outside the project team and their affiliates.
The remaining 80% were either locked in contracts or held by the core team and early investors, artificially locked and not trading.
They never entered the market for trading.

This explains why, without any new users or capital injection, $MYX’s market cap expanded from $200 million to $3.35 billion.
The tiny amount of real trading volume on exchanges set the price for the massive amount of non-circulating chips.

Fundamental data is completely disconnected.
When its market cap hit $3.35 billion, the total locked value within the protocol hovered between $25 million and $32 million.
The market cap to TVL ratio reached 100.
In comparison, mainstream protocols like $UNI or $AAVE usually have ratios between 1 and 4.

In terms of revenue, the $MYX project earns about $5 million annually, yet is valued at $17.7 billion, with a P/E ratio of roughly 3,500.

Before the public saw the surge, the setup had already begun.
The manipulators had been front-running on multiple decentralized and centralized exchanges for months,
simultaneously acting as buyers and sellers to create a false appearance of trading activity.
A large number of small buy orders all flowed into the same core wallet.

The entire harvesting process is a precise four-step cycle.

Step 1:诱导做空。Market makers pump with very little capital.
Due to the high concentration of chips, order books on small and mid-sized exchanges are shallow, and small funds can push significant gains.
The goal of the pump isn’t profit from going long, but to make the trend look fake and unsustainable, attracting rational traders to short.

Step 2:设下陷阱。当市场积累足够空单后，操盘方平掉部分拉盘用的多单，导致价格回落，同时持仓量下降。
K线图上形成完美的“见顶回落”形态，促使更多观望者确信趋势反转，跟风做空。

Step 3:空头绞杀。这是最残酷的阶段。犯罪币的交易主要集中在永续合约上。
交易所通过资金费率平衡多空仓位。在绞杀阶段，空头的资金费率会飙升至每4小时-2%。
这意味着，空头持仓不动，每天就会损失约12%的本金。

叠加高杠杆（通常是20倍至125倍），价格只需反向波动2%（在50倍杠杆下），仓位就会爆仓。
每次爆仓的空单都会触发强制平仓，这些买单进一步推高价格，引发更多空单爆仓，形成恶性循环。

2025年9月8日，$MYX单日爆仓金额为16.53M美元，其中13.68M美元来自空头平仓。
当日合约总持仓约262M美元，意味着24小时内超过6%的杠杆仓位被清算，几乎全部是空单。
整个行情中，空头累计爆仓89.51M美元，是多头亏损（23.45M美元）的近四倍。

Step 4:高位出货。空头被清理干净、价格见顶后，操盘方开始切换仓位，自己开空，并平掉原有部分多单。
同时，他们会将锁定的筹码转入中心化交易所。
许多有经验的链上交易者看到这种转账，会误判为砸盘前兆而进场做空，从而在真正抛售前被再收割一轮。

整个骗局的核心本质是交易对手的极端单一化。
在一个真实市场里，参与者观点各异。
但在犯罪币市场里，无论你做多还是做空，你的对手盘大概率都是同一个操盘主体。
他们掌控了几乎全部筹码，从而同时操控了现货和合约市场，自主决定游戏的每一步节奏。

所有痕迹都是公开的：集群钱包、异常的交易量分布、做市商信息。
加密行业之所以对此视而不见，是因为整个产业链都在获利。
做市商赚取分成，项目方通过拉高币价充实国库估值，交易所则无论交易真假都能收取手续费。
唯一的输家，只有普通散户。

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