๐จ DeepNode Update ($DN ): What Happened and Recovery Plan
The DeepNode Foundation has broken its silence regarding the recent price collapse. Here are the key points from the official statement:
๐ The "Backstab" by the Liquidity Provider
To ensure the launch, the Foundation had deposited part of the $DN supply as collateral with a Liquidity Provider (LP). The LP violated the contract and massively dumped (sold) the tokens on the market.
๐ก๏ธ Market Makers' Response
Official Market Makers, suspecting an exploit, temporarily removed liquidity to protect the protocol. This liquidity vacuum, combined with the LP's dumping, caused the price to plummet vertically.
๐ ๏ธ Action Plan & Recovery
Fund Recovery: Exchanges have started freezing the assets of the responsible parties. Negotiations are ongoing for the return of funds.
Buyback & Burn: All recovered funds will be used to repurchase $DN on the market and permanently burn them.
Stabilization: The Foundation and partners are gradually reinjecting capital to restore liquidity and stabilize the price.
Legal Action: The Custodian (a well-known trading company) is also under investigation for allowing the irregular release of tokens.
๐ก Current Status
The responsible parties have exhausted their tokens for sale. The team asks for patience as they work with partners and exchanges to "right the ship".
#DeepNode #CryptoNews #DN #liquidity #transparency
The DeepNode Foundation has broken its silence regarding the recent price collapse. Here are the key points from the official statement:
๐ The "Backstab" by the Liquidity Provider
To ensure the launch, the Foundation had deposited part of the $DN supply as collateral with a Liquidity Provider (LP). The LP violated the contract and massively dumped (sold) the tokens on the market.
๐ก๏ธ Market Makers' Response
Official Market Makers, suspecting an exploit, temporarily removed liquidity to protect the protocol. This liquidity vacuum, combined with the LP's dumping, caused the price to plummet vertically.
๐ ๏ธ Action Plan & Recovery
Fund Recovery: Exchanges have started freezing the assets of the responsible parties. Negotiations are ongoing for the return of funds.
Buyback & Burn: All recovered funds will be used to repurchase $DN on the market and permanently burn them.
Stabilization: The Foundation and partners are gradually reinjecting capital to restore liquidity and stabilize the price.
Legal Action: The Custodian (a well-known trading company) is also under investigation for allowing the irregular release of tokens.
๐ก Current Status
The responsible parties have exhausted their tokens for sale. The team asks for patience as they work with partners and exchanges to "right the ship".
#DeepNode #CryptoNews #DN #liquidity #transparency
