Klaytn (KLAY), which is among the top 100 altcoins by market cap, has been quietly falling since last week. Allegedly, various accounts managed by Kracker Labs speculatively pour large amounts of Klay tokens onto the market.
Klaytn, who rally with Zero Reserve, drops in double digits with insider selling claims
The price of Klay rose sharply after the announcement of Zero Reserve in March and gave hope to investors after the FTX crisis last year. But the latest news of insider selling has resulted in Klay’s price dropping significantly and losing all gains he’s made.
Insider selling allegations were made by Byun Chang-ho, the operator of the crypto market information channel. It has been claimed that large amounts of Klay tokens are constantly being sold in various accounts managed by Kracker Labs, an in-house startup created by Crust employees. Klay price has lost 20% since last week in the middle of the news feed.
Klaytn team requests fact clarification from Kracker Labs
The Klaytn team takes what’s going on very seriously. Allegations of Insider selling led to a significant loss of confidence among investors who were hesitant to invest in Klay in the future. Seo Sang-min, CEO of the Klaytn Foundation, expresses his disappointment with Kracker Lab’s massive sale of KLAY.
Kaytn Foundation CEO apologizes to altcoin investors
On March 9, the CEO apologized to the Klaytn community, saying that the Foundation became aware of the incident at the same time as the community. Controversy over the bulk sale by Kracker Lab surfaced on March 8 after CoinSagwan Academy operator Byun Chang-ho announced the relevant transactions.
“We take this matter very seriously and are seriously discussing measures and prevention of relapse,” the CEO said in their statement. However, he didn’t mention why the Kracker team used ‘mixes’ like Tornado to hide their KLAY token sale, or whether they were using the Foundation’s internal information about Talknomics’ redesign.
This incident raises concerns about insider selling and the need for transparency in the cryptocurrency market. The Kaytn Foundation has yet to provide further updates on the matter. cryptocoin.com In this article, we have included the hacking events that have come to the fore in recent days.
About Klaytn
Klaytn is a public blockchain focused primarily on the metaverse, GameFi, and the creator economy, and has emerged as the dominant blockchain platform in South Korea since its official launch in June 2019. With its international base in Singapore, Blockchain is now actively expanding its global presence through various business ventures. To support this expansion, Klaytn established the Klaytn Growth Fund, managed and funded by the Klaytn Foundation, a Singapore-based nonprofit established in August 2021. The purpose of the fund is to support the growth of the Klaytn ecosystem. and its affiliated companies.
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 own research and due diligence 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.