Cryptocurrency

Cardano protocol Meld denies rumors of insider trading

Hull Invest

Self-proclaimed “DeFi, non-custodial, banking protocol” meld In response to the allegations of misconduct, it said it does not conduct insider trading on its platform.

Meld denies wrongdoing

The accusations stemmed from on-chain analysis done by tap toolhighlighting a series of large-scale token sales.

Further investigation revealed that the responsible address had sold 1.24 million ADA worth of tokens. Since September 2022, this address has received between 3 million and 7 million of his MELD tokens every month.

Additionally, TapTools identified two associated addresses that sold MELD tokens but did not buy them. These token sales totaled just over 1 million ADA, or approximately $340,000 at today’s prices.

“The wallet has two associated addresses, both of which have a history of selling without buying, totaling $1.04 million worth of $MELD sold.”

and tap tool I asked, “Where did the token come from?” While speculating that the address is controlled by an insider.

In response to, meld A “private sale token holder” owns this address and has no control over the behavior of the token holder.Furthermore, the company has proposed that its employees were involved in the sale of tokens and profited from them. denied.

“Hi @TapTools The transaction you are pointing to is a (confirmed) private sale token holder. $ meld It is a token from a vesting contract and we have decided to sell it. This is DeFi 101. If you’re implying that you’re a MELD staff member? They are not meld staff. “

crypto slate Meld did not respond to a request for comment at press time.

A public testnet is imminent

Meld was started in Late 2020 Founded by CEO Ken Oring, it was the first company to execute an Initial Stake Pool Offering (ISPO). The Cardano community has raised about $10 million, with his ADA staked over 620 million. The company has raised an additional $35 million, he said, through a private token sale.

The company aims to “meld” fiat and cryptocurrencies by offering fiat loans for crypto assets without giving up control over users’ digital assets. At the same time, users also benefit from interest on the crypto collateral for the life of the loan.

According to the roadmap, the public testnet will launch in Q1 2023.In a recent tweet, the working day was January 16th.

Posted In: Cardano, Rumors

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