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The recent Filecoin (FIL) token offering is creating controversy as some members of the crypto community claim that an unknown account received 1.5 million tokens when only 500,000 were due for unlocking. According to reports, 800,000 tokens out of 1.5 million such tokens have been transferred to Huobi and other exchanges.
Filecoin denial
According to a Chinese-language website, 8btc.com, an unidentified Filecoin representative insisted on the decision to help stabilize the price in the post-listing period.
The rep would have said:
It means establishing an independent market maker to (help) maintain a stable price early on in the project, because the price may be the most unstable right now. At the same time, these coins are not a FIL clearance sale by Filecoin.
As part of the plan, FIL tokens were also sent to other exchanges besides Huobi. Meanwhile, the Filecoin team also explained in a blog that “the network has now entered a quiet post-launch monitoring period to ensure that the network is running smoothly.” The blog adds that “the network is stable and community members report successful trades.”
Token Price Tanks
Despite this plan, the Filecoin token saw its price drop just hours after listing. It appears that the expected stabilization strategy has failed to stop the token price decline. As Binance’s trading data shows, the token opened at $ 200 but this had dropped to $ 42 at the time of writing. It is this sharp drop in the opening price that has sparked complaints and allegations of impropriety.
A notable critic of FIL’s offering is controversial Justin Sun who insinuates that a certain Juan Benet and others from Filecoin have been scammed. Tron Tweet:
“Scam exit here? $ 1.5 million FIL for $ 200 each worth a maximum of $ 300 million. Now (the) price is below 60 USD. 70% less. No blocking. No announcements to the community. How much do you sell? All right?”
Sun, who has faced almost similar allegations, continues to encourage investors, particularly those from the United States, “to make sure Filecoin and Juan Benet are held accountable for this (dumping) under the protection of the US Securities and Exchange Commission.” Some Twitter users appeared to agree with Sun while others were quick to remind him of his past misdeeds.
However, at a later time tweet, an undaunted Sun doubled down on its claims that FIL developers had ignored the rules by downloading 1.5 million tokens.
Counterfeit FIL tokens
Meanwhile, in another twist to the controversy, reports also surfaced on October 16 that scammers may have forged FIL tokens.
According to the Beijing-based Chainsmap tracking system, these tokens were created a day before the offer while their transfer to addresses was done via airdrop. Furthermore, a pool of transaction pairs has been established in Uniswap with this token.
Launched as a decentralized storage network, the Filecoin team says the project was initiated to help “store humanity’s most important information”. The project raised $ 205 million in an initial coin offering in 2017, and although the launch date was originally scheduled for mid-2019. However, the mainnet launch date has been pushed back until block 148,888, which is expected to mid October 2020.
What do you think of Filecoin’s dumping allegations? Tell us what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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