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    Home»Bitcoin»Speculators used ICO to inflate the EOS rate
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    Bitcoin

    Speculators used ICO to inflate the EOS rate

    AdministratorBy Administrator03.09.2021No Comments2 Mins Read
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    bt-crow.com

    03 September 2021 06:01, UTC

    Reading time: ~ 2 m


    A group of University of Texas researchers and Bloomberg analysts found 21 exchange accounts used to manipulate the EOS price throughout the ICO. Blockchain developers from Block.one have been placing tokens from the end of 217th to 2018, raising more than $ 4.32 billion.

    The lengthy EOS ICO has already become the reason for filing many lawsuits, including a lawsuit with the SEC regulator, which ended in the payment of $ 24 million without pleading guilty.

    The new study analyzes in detail the trading operations of the detected manipulator accounts and reveals the scheme of “pouring” funds from Bitfinex and Binance accounts. Pumpers made contractual deals, buying tokens from themselves at inflated prices for ETH, doing arbitrage along the way and making additional money on subsequent dumps.

    According to experts, the $ 815 million reserve was enough for speculators to overstate the rate at the time of the weekly sales of the next weekly tranche of EOS. The study does not indicate the size of the profits of the pampers, but they managed to roll 39% of the tokens issued during the ICO.

    The investigation also failed to identify the owners of the 21st account. At that time, exchanges that became platforms for scams did not require verification. Block.one representatives calmly reacted to the material, stressing that there was no evidence of the company’s involvement in the pumps.




    #Speculators #ICO #inflate #EOS #rate

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