“The OTC counterparty dumped their tokens”—the blame-shifting is so brazen I almost want to applaud.
AXIS had been live for barely over a week when ZachXBT dug up the details: the team’s multisig transferred more than 76 million tokens. One cluster of addresses swapped 42 million of them on a DEX for around 5.04 million USDC, while some went straight to Bitget. The token price plunged around 40% in a day.
The project’s response boiled down to three points: 83.5% of the team’s and investors’ tokens are locked in a contract co-managed with Binance, with no unlocks for 12 months; the tokens sold came from the ecosystem allocation in the initial circulating supply; and an OTC buyer breached the lockup agreement, so cooperation with them has been suspended.
But the ecosystem tokens left your own multisig. Who they’re sold to, whether they’re locked up, and how—that’s all down to the terms you signed. If they aren’t locked on-chain and you’re relying on a piece of paper, can you really blame the other party for breaking their promise when things go wrong? What does “83.5% locked” even mean to retail investors when the tokens that got dumped were precisely the ones that weren’t locked?
Odaily calculated that 42 million tokens came to roughly a quarter of the circulating supply at TGE. Just one week after launch, a quarter of the circulating supply was unloaded. Call it an ecosystem allocation or an OTC deal—the same people were left holding the bag.
Screenshots show Kaito has already delisted it. That move was a lot faster than the project’s explanation.
No matter how compelling the AI-and-robotics narrative sounds, token distribution is what tells the real story.
#AXIS
AXIS had been live for barely over a week when ZachXBT dug up the details: the team’s multisig transferred more than 76 million tokens. One cluster of addresses swapped 42 million of them on a DEX for around 5.04 million USDC, while some went straight to Bitget. The token price plunged around 40% in a day.
The project’s response boiled down to three points: 83.5% of the team’s and investors’ tokens are locked in a contract co-managed with Binance, with no unlocks for 12 months; the tokens sold came from the ecosystem allocation in the initial circulating supply; and an OTC buyer breached the lockup agreement, so cooperation with them has been suspended.
But the ecosystem tokens left your own multisig. Who they’re sold to, whether they’re locked up, and how—that’s all down to the terms you signed. If they aren’t locked on-chain and you’re relying on a piece of paper, can you really blame the other party for breaking their promise when things go wrong? What does “83.5% locked” even mean to retail investors when the tokens that got dumped were precisely the ones that weren’t locked?
Odaily calculated that 42 million tokens came to roughly a quarter of the circulating supply at TGE. Just one week after launch, a quarter of the circulating supply was unloaded. Call it an ecosystem allocation or an OTC deal—the same people were left holding the bag.
Screenshots show Kaito has already delisted it. That move was a lot faster than the project’s explanation.
No matter how compelling the AI-and-robotics narrative sounds, token distribution is what tells the real story.
#AXIS