Cryptocurrency

Ripple CTO called out by Twitter for market manipulation of FLR token

Hull Invest

Ripple CTO David Schwartz has been criticized for alleged market manipulation of the Flare (FLR) token in his recent comments on the FLR token airdrop.

Ripple’s CTO recently said in favor of the sale of FLR from the Flare project that the token has no value.

Schwartz highlighted Flare’s recent airdrops, claiming that the Flare team failed to keep its commitments and delivered 15% of what it promised. Additionally, the CTO claimed that Flare had grown with his XRP community, but ruined that promise.

A few hours after his comment, FLR dropped 10% to $0.04367.

Despite some Twitter users support Contrary to his point of view, some claimed that he manipulated the community into selling FLRs and bought them “in bulk” an hour later.

It is worth noting that Flare Network plans to bring smart contract functionality to multiple blockchains, starting with XRP and Litecoin (LTC).

On January 9, 4.279 billion FLR tokens dispersion Offered to XRP holders based on a snapshot of the XRP Ledger (XRPL) taken in late 2020. The price rose above $0.076 as the airdropped token began trading on exchanges such as Binance, OKX, and Kraken.

However, FLR fell 87% shortly after the token distribution began on January 9th. Nonetheless, the token has rebounded somewhat after Ripple CEO’s comments, with him trading at $0.04451 at the time of writing.

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