After the promotional post about “project kimchi,” which appeared on October 22, was deleted and related reposts were withdrawn, its market cap fell from more than $10 million to around $280,000—a drop of over 98%.
The key distinction here is that “project kimchi” and KIMCHI, issued on October 20, were not the same token launch. Public reports also say that the earlier-issued KIMCHI fell 49% after the controversy. Conflating the two tokens’ losses and holdings could lead to a misjudgment of the scale of the incident.
Some address-tracking claims say that wallets received 500 million new tokens around the time of the promotion, and that multiple wallets made more than $385,000 by buying low and selling high. But these fund flows and wallet attributions have yet to be independently verified, so they are not enough to conclude who, if anyone, was involved in market manipulation.
The next step is to verify each token’s contract, the buy and sell orders placed before the promotion, and whether there is ongoing, valid public confirmation of a partnership. After the post was deleted and the reposts withdrawn, what had the market actually priced in: a product partnership, or a promotion that was misinterpreted?
The key distinction here is that “project kimchi” and KIMCHI, issued on October 20, were not the same token launch. Public reports also say that the earlier-issued KIMCHI fell 49% after the controversy. Conflating the two tokens’ losses and holdings could lead to a misjudgment of the scale of the incident.
Some address-tracking claims say that wallets received 500 million new tokens around the time of the promotion, and that multiple wallets made more than $385,000 by buying low and selling high. But these fund flows and wallet attributions have yet to be independently verified, so they are not enough to conclude who, if anyone, was involved in market manipulation.
The next step is to verify each token’s contract, the buy and sell orders placed before the promotion, and whether there is ongoing, valid public confirmation of a partnership. After the post was deleted and the reposts withdrawn, what had the market actually priced in: a product partnership, or a promotion that was misinterpreted?