Crypto History Crash: This Altcoin Crashed 95 Percent!

 

An altcoin has dropped 95 percent since its launch. This has raised “rug pull” suspicions among the cryptocurrency community. Despite denying all the allegations, the team has lost its shine as one of the most promising projects for many.

Altcoin that has lost 95 percent since its inception: Internet Compouter (ICP)

After Dfinity's ICP token fell by 95 percent, according to some, the team performed a "rug pull". The price of ICP dropped from $630 to $28.3 in 50 days. As moneyonezero.com/ has previously reported, Dfinity's token was launched on May 7 and then went up to $ 630 by being listed on leading exchanges such as Binance and Coinbase. However, the token has plummeted since then, losing almost daily.

Like many previous token dumps, Dfinity's token distribution process has produced several alarming signals that have shaken investor confidence. Arkham recently published a report on the Internet Computer token, stating that it was distributed to exchanges without any communication from the team regarding the distribution of ICP. The report noted: “Our analysis has led us to believe that potential people associated with Dfinity dumped billions of dollars of ICP into exchanges at the expense of early supporters and individual investors.”

Arkham research: $2B ICP pours into stock markets

According to the report, what stood out from the outset in Dfinity's complex design and tokens was the different vesting periods for early investors and the emerging team. The early investment round in 2017 was public for $0.03 per ICP; The team raised $3.9 million from 370 investors. A quarter of the supply was allocated to these investors. Most of the project's investors started earning between 100x and 10,000x on their investments before 2018. However, a certain portion of the supply was also allocated to the Dfinity Foundation.

According to Arkham's research, Dfnitiy, which has a 25% supply, transferred 18 million ICP tokens worth $3.6 billion from its treasury to exchanges in May and June. These transactions include direct transfers of $2 billion. The rest of the transactions are allegedly carried out by people inside the company, close to the company. Dfinity founder Dominic Williams confirmed in a tweet that the Dfinity Foundation's tokens are reserved to be locked in the network for staking. Williams also denied allegations that the founders dumped the tokens and "rug pull".

Crypto History Crash