.bitgetglobal froze the account of crypto influencer EvanLuthra, accusing him of dumping the token he’d been advising. The influencer says he did nothing wrong and sues the exchange. baidakova looked into the feud and what it means for token launches
Luthra that day sold 1.3 million tokens from his account, he admits. He maintains that he did nothing wrong: according to him, the ReelStar CEO Navdeep Sharma told Luthra he was free to sell his tokens, Luthra said. And he did not even sell everything he had all at once.
Andryunin told CoinDesk that it’s quite common for market-makers to get a loan of tokens from a project to provide liquidity and then to dump those tokens immediately after the listing, sending the price south. That allows such market-makers to buy tokens back at the low price and then return the loan to the token issuer, after making a 80%-90% profit over a year or less.
In the case of ReelStar, the problem might have been that the project released more tokens than the market was ready to swallow at the moment, Andryunin said, adding that it can be the market maker’s mistake or lack of coordination on the side of Reel. Given the 583 users who, according to Bitget, it“First, you need to create a market on to which to sell,” Andryunin added.
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