Ethereum based cryptocurrency payment network Matic has described as "Baseless" claims it manipulated the price of its token after it crashed 60% in minutes.
In a blog post on Dec. 10, executives addressed community participants who saw the value of the project's in-house MATIC token lose most of its value hours before.
Despite a subsequent correction above the 200 satoshi mark, the pair was still trading down 50% at press time on Tuesday.
"We want to strongly state that the allegations of token movement from our Foundation account, made by a FUD account against Matic team are completely baseless," the blog post read. Matic was one of the first so-called initial exchange offerings to raise funds on Binance Launchpad, the dedicated incubator from cryptocurrency exchange Binance.
As Cointelegraph reported, after losing value following the IEO in April this year, a sudden spurt of bullish action saw MATIC/BTC gain considerably during the last week of November.
"Rule number one in trading: never buy an explosive green candle and never FOMO after the fact. There's always a retrace," he wrote in analysis on Nov. 26.
That retrace saw MATIC reverse the entirety of its gains prior to the modest rebound.
In the face of criticism Binance CEO Changpeng Zhao was keen to defend a home-ground project from potentially unfounded criticism.
"Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it," he wrote on Twitter.
"A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading."
Binance Defends Matic After Altcoin Dives 60% Due to 'Panic' by Whales
Udgivet den Dec 10, 2019
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.