It was in a refrigerated “tin shed” just 40 minutes from Ho Chi Minh City that Mirai Labs CEO Corey Wilton finally understood the immense scale by which crypto airdrops are being gamed.
“It’s genuinely scary,” Wilton tells Magazine shortly after visiting a “phone farm” in Southern Vietnam, which he estimates has at least 30,000 smartphones in a room no larger than a studio-sized apartment.
For four years, Winton had been hoping to get a first-hand look at the type of operation that undermined his flagship NFT horse-racing game Pegaxy in 2021.
“When Pegaxy blew up, we were sitting at a max DAU [daily active users] of about 500,000, and at that point, we started getting a lot of reports of…
Jul 09 2025
