On-Chain Analysis Reveals Highly Concentrated Token Distribution

The Web3 startup aPriori is facing scrutiny following allegations that its recent token airdrop was overwhelmingly claimed by a single entity. According to the blockchain analytics platform Bubblemaps, approximately 60% of the aPriori (APR) token distribution was acquired by one operator controlling a network of 14,000 interconnected cryptocurrency wallets.

Bubblemaps reported that these wallets were all recently created and funded with a nominal amount of 0.001 BNB each from the Binance exchange over a brief period. This pattern suggests a coordinated effort to maximize claims from the airdrop event.

Company Remains Quiet Amid Allegations

Since the airdrop claim period was announced on October 23, aPriori has not publicly addressed the concerns over the token distribution. The project’s official social media on X has been largely inactive, prompting criticism from the community. On-chain investigator ZachXBT highlighted the company’s lack of communication, stating that its silence and failure to provide transparency made it appear suspect.

The San Francisco-based company was founded in 2023 by former quantitative traders from prominent firms like Coinbase, Jump Trading, and Citadel Securities. In August, aPriori raised $20 million in a funding round with participation from major investors including Pantera Capital, HashKey Capital, and Primitive Ventures, bringing its total financing to $30 million.

Insider Activity or Sophisticated Airdrop Farming?

While the concentrated distribution has raised suspicions of insider activity, it could also be the work of a sophisticated airdrop farmer. In the crypto industry, airdrop farming involves users creating numerous wallets to interact with new protocols, aiming to multiply the rewards they receive from token distributions.

This type of large-scale activity is not unprecedented. In March 2023, a similar analysis revealed that airdrop hunters managed to consolidate $3.3 million in ARB tokens from the Arbitrum airdrop, funneling the assets from nearly 1,500 wallets into just two.