.jpg?tr=w-500 "Projects Claim CoinMarketCap Airdrop Was Defrauded")
Two crypto projects are claiming to have been cheated during an airdrop organized by CoinMarketCap. Projects accuse the firm of manipulating in favor of certain protocols.
CoinMarketCap’s airdrop was supposed to send tokens to thousands of wallets to promote the projects, but instead, the tokens ended up in only a few wallets. This raised a lot of questions about CoinMarketCap’s possible manipulation as the airdrop’s promise wasn’t fulfilled for the projects.
The projects in question are SaTT and TokenBot, and according to their claims, initially, thousands of wallets received the airdrop, yet these wallets suspiciously transferred all the tokens to only selected wallets.
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In SaTT’s case, there were supposed to be 25,000 winning wallets in the airdrop. And these wallets had to receive 4000 SATT each. However, after the airdrop, the project claimed that around 21.000 transferred the tokens to 21 wallets which they sold off the crypto immediately after. This had a dramatic impact on the value of SaTT, causing it to decrease by 70%.
According to multiple resources, a similar thing happened with TokenBot. Initially, the company distributed its crypto tokens to 4,000 winners, but 3,300 of them ended up transferring the tokens to a single wallet. This led to a loss of around $20,000 for TokenBot and required the company to use funds from its treasury.
A representative from CoinMarketCap addressed these accusations and stated that they hadn’t had any complaints apart from a few projects. And regarding the initiatives SaTT mentions, the representative stated that since SaTT hasn’t given out the awards yet, there wouldn’t be a possibility of encountering said malevolent behavior.
However, the CoinMarketCap representative also mentioned the ongoing bot problem in airdrops and stated that higher security measures and prevention mechanics against bots are currently being implemented.
In other news, the Mango Markets hacker is charged with market manipulation and fraud.
