Describing itself as ‘DeFi, non-surveillance, banking protocol’, Meld responded to allegations of fraudulent gaming by stating that there was no ‘insider trading’ on its platform. In response to accusations of insider trading, the altcoin project said that private sale token holders have no control over their actions.
Altcoin project denies ‘insider trading’ rumors
The accusations arose from on-chain analysis conducted by TapTools, which highlighted a number of large token sales. Further investigation revealed that the responsible address had sold tokens worth ADA 1.24 million, or about $405,000 at today’s price. Since September 2022, between three and seven million MELD tokens have been deposited monthly at the address.
In addition, TapTools identified two associated addresses that sell but never buy MELD tokens. These token sales totaled just over one million ADA, or about $340,000, at today’s price. “The wallet has 2 associated addresses with a history of sales without making any purchases, with a total of 1.04 million ADA worth of MELD sales,” TapTool said.
However, TapTools asks “where did the tokens come from?” “The address was checked by an insider while speculating,” he replied. cryptocoin.com Regarding the address, as we reported, Meld said that it is the “private sale token holder” of that address and has no control over the actions of the token holders. In addition, the company denied allegations that the staff was involved and benefited from the token sales. In this context, he made the following statement:
Hey TapTools, the transactions you pointed out (confirmed) private sale token holders are getting their MELD tokens from the vesting contract and have decided to sell it. This is DeFi 101. You’re implying these are MELD personnel? They are not MELD personnel.
Public test-net coming soon
Meld was launched by CEO Ken Olling in late 2020. Became the first company to run an Initial Stake Pool Offering (ISPO). Over 620 million ADA has been staked by the Cardano community. In addition, approximately $10 million was raised. The company has raised another $35 million through private token sales.
The firm aims to ‘merge’ fiat and crypto by offering fiat loans against crypto assets to users without giving up custody of their digital assets. At the same time, users also benefit from the interest on the crypto collateral for the life of the loan. According to the roadmap, in the first quarter of 2023, it will make its general test-net launch. A recent tweet fixed the livestream date to January 16.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.