Blockchain researcher ZachXBT linked AXIS’s 40% drop to a large token sale from a team wallet.
The sharp decline in AXIS’s price came about a week after the token was listed on Binance, Coinbase, and Upbit. Findings by ZachXBT, reported by Wu Blockchain, suggest that the suspicious sales involved tokens withdrawn from the team wallet.
People believed to be team insiders reportedly withdrew more than 76 million AXIS from the team’s multisig wallet. The tokens were valued at more than $12 million, and funds from tokens sold on decentralized exchanges were reportedly deposited into Bitget.
ZachXBT Linked the Sale of 42 Million AXIS to the Drop
According to ZachXBT, a person believed to be a team insider sold approximately 42 million AXIS from the team multisig, receiving approximately 5.04 million USDC in return. The researcher linked the sale to the 40% price drop that occurred about a week after the listings.
Not investment advice.