Ripple CTO David Schwartz initially advocated selling it on the grounds that it was ‘worthless’, but later admitted to buying a large amount of this altcoin.
Ripple CTO accused of market manipulation
David Schwartz has been criticized for allegedly manipulating the market with his latest comments on the long-awaited and recently launched FLR airdrop by Ripple investors. The CTO recently spoke out from the Flare project in favor of selling the FLR, suggesting that the token has no value.
Schwartz underlined Flare’s latest airdrop and targeted the Flare team, claiming they didn’t deliver on their promises and delivered 15% of what they promised. He also claimed that Flare leveraged the XRP community for growth but undermined its promises.
Moreover, a few hours after Schwartz’s statements, FLR fell 10% to $0.04367. The FLR airdop started to be distributed in January 2023, after nearly two years of waiting. A total of 28.5 billion FLRs have been distributed so far, and according to Flare’s tokenomic data, 58.3% of the total genesis FLR supply will be distributed over 36 months. cryptocoin.com We have included the details in this article. FLT price is trading slightly higher at $0.04377 after falling after Schwartz’s comments at the time of writing.
Additionally, according to an image shared by Bill Morgan from the XRP community, the Flare token IOU on the Bitrue exchange has decreased by more than 64% in the last 24 hours.
The FLR/USDT pair on Bitrue has fallen significantly over the past two days, as can be seen in the TradingView chart. On January 9, the token saw a sudden drop and fell as low as $0.15 before rebounding to $0.30 today. By the way, Bitrue was the first exchange to allow trading of FLR fixed IOUs.
David Schwartz said he’d sell first, then bought
While some Twitter users supported Schwartz’s views, others accused him of manipulating the community to sell FLR and claiming he bought one an hour later. Someone on Twitter said, “After all this, why did you buy Flare? It’s a crazy double talk you’re having, telling everyone why it’s good to sell, but then you end up saying you bought a flare,” he says.
It should be noted that Flare Network plans to bring smart contract capabilities across multiple networks, starting with XRP and Litecoin (LTC). On January 9, 4.279 billion FLR tokens were distributed to XRP holders, according to the XRP Ledger (XRPL) snapshot taken in late 2020. However, FLR dropped 87% shortly after token distribution began on January 9. Despite this, the token has rallied somewhat after comments from the Ripple CEO and is rising slightly at the time of writing.
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