In the past few days, the crypto community has been talking about the news that Bitcoin exchange MEXC has sold a large amount of Elemon Tokens (ELMON), causing the price of ELMON to plummet. Upon these allegations, MEXC issued a correction message. For details cryptocoin.com keep reading.
Bitcoin exchange MEXC manipulated ELMON?
In recent days, many Facebook accounts claim that MEXC exchange took advantage of users’ trust and dumped 1 million Elemon Tokens (ELMON), causing the price to drop from $1 to $0.45.
The sharp drop came from an address that sold a total of 1 million ELMONs in just a few days. According to experts, this decline was not caused by the project, as many consider it a good platform. Some people contacted the project and asked for this wallet address. The development team believes that the Elemon project does not own this address.
Although not clearly named, many doubts have arisen that the owner of this wallet is the owner of this wallet, which has a portfolio of close to 200 asset types valued at more than 25 million USD. After further investigation, many believe that this address is owned by a listed exchange Elemon and the name is none other than MEXC as the exchange has confirmed that this address belongs to its users. From there they conclude:
Users deposit ELMON to trade, and the exchange dumps tokens to sabotage the project.
Many believe MEXC has also done this with many other altcoin projects such as BombCrypto (BCOIN), Faraland (FARA), Thetan (THG), Bholdus (BHO). Faced with this information, MEXC made the following statement:
We’ve found that some communities are making malicious and misleading statements about MEXC. According to on-chain data research and verification, the drop in ELMON token price is due to holders’ deposit and sale. Holders have large assets of value and some large users are attracting money to external platforms to sell.
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