Axis Robotics today released a comprehensive statement following the sharp sell-off in its AXIS token. The team provided information regarding the origin of the tokens launched on October 28-
Axis Robotics today released a comprehensive statement following the sharp sell-off in its AXIS token. The team provided information regarding the origin of the tokens launched on October 28-29 and announced that it has halted all new transactions with an over-the-counter (OTC) trading company it suspects of orchestrating the sell-off.
According to the project’s description, the tokens sold come from the ecosystem allocation of the initial circulating supply. Distribution to buyers not directly familiar with the crypto sector is handled through a single intermediary with a written agreement outlining key terms and conditions.
The team argued that sales made using hundreds of new addresses and exchange deposit routes in the hours following the delivery raised strong suspicions that the intermediary in question had launched the tokens.
A chart showing the decline in AXIS price.
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Axis Robotics announced that 835 million AXIS tokens are locked in contract, including team and investor allocations. This amount represents 83.5% of the total supply.
The company stated that it will review the agreement with its legal counsel and exercise its rights under the contract. It also announced that remaining ecosystem deployments will henceforth only be conducted through on-chain unlocking agreements.
*This is not investment advice.
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