Dump first, admit it later: token plunges 36% at its lowest in one hour
Edel Finance admitted at 23:30 Beijing time on November 12 that project tokens worth approximately $300,000 had been stolen and sold on the market.
Public market data shows the dump began before the announcement. The price started falling around 23:05, dropping from about $0.0162 to a low of around $0.0113 in the few minutes between 23:15 and 23:25. By the time the project team spoke out, the price had already fallen to around $0.012. During that 23:00 hour, the token opened at $0.01723, hit a low of $0.011, fell about 36%, and closed at $0.01219.
Twenty-four minutes later, the project team said the stolen tokens had either already been sold or had been blocked by exchanges. A more detailed review had not been published by the time of the post, and it still has not been made clear how the tokens were stolen.
At around 16:15 Beijing time on November 13, the price was still around $0.01264, down about 27.1% over the past 24 hours. It had reached a high of around $0.018 and a low of $0.011. This is the project’s second incident this year. In the previous incident on June 30, the price of its lending pool was manipulated, resulting in losses of about $403,000.
My personal view is that until it’s clear how the tokens were stolen and whether users can be compensated, this should simply be treated as a risk event.
Beginners are advised to watch more and trade less. If you buy crypto, only buy $BTC
Edel Finance admitted at 23:30 Beijing time on November 12 that project tokens worth approximately $300,000 had been stolen and sold on the market.
Public market data shows the dump began before the announcement. The price started falling around 23:05, dropping from about $0.0162 to a low of around $0.0113 in the few minutes between 23:15 and 23:25. By the time the project team spoke out, the price had already fallen to around $0.012. During that 23:00 hour, the token opened at $0.01723, hit a low of $0.011, fell about 36%, and closed at $0.01219.
Twenty-four minutes later, the project team said the stolen tokens had either already been sold or had been blocked by exchanges. A more detailed review had not been published by the time of the post, and it still has not been made clear how the tokens were stolen.
At around 16:15 Beijing time on November 13, the price was still around $0.01264, down about 27.1% over the past 24 hours. It had reached a high of around $0.018 and a low of $0.011. This is the project’s second incident this year. In the previous incident on June 30, the price of its lending pool was manipulated, resulting in losses of about $403,000.
My personal view is that until it’s clear how the tokens were stolen and whether users can be compensated, this should simply be treated as a risk event.
Beginners are advised to watch more and trade less. If you buy crypto, only buy $BTC
