Filecoin Offering: Community Alleges Token Dumping, Tron’s Justin Sun Wants the US SEC to Investigate

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Still, in a later tweet, an undeterred Sun doubles down on his claims that FIL devs had actually overlooked the rules by disposing 1.5 million tokens.
Fake FIL Tokens
Meanwhile, in another twist to the controversy, reports also emerged on October 16 that scammers may have forged FIL tokens.

One significant critic of the FIL offering is questionable Justin Sun who is insinuating that one Juan Benet and others at Filecoin had exit scammed. Tron tweets:
” Exit rip-off here? 1.5 million $FIL for 200 USD each worth 300 million USD at the high. Now (the) cost is below 60 USD. 70% down. No lock-up. No announcement to the community. Just how much do you offer? Is this ok?”
Sun, who has dealt with almost comparable allegations, goes on to motivate financiers, specifically those from the United States “to ensure Filecoin and Juan Benet are delegated this (discarding) under the security of the United States Securities and Exchange Commission.” Some Twitter users appeared to concur with Sun while some were fast to advise him of his own past misbehaviours.

The current Filecoin (FIL) token offering is producing controversy as some crypto community members are alleging that an unidentified account has gotten 1.5 million tokens when only 500,000 were due for unlocking. According to reports, 800,000 tokens out of the 1.5 countless such tokens have been moved to Huobi and other exchanges.
Filecoin Denial
According to a Chinese language site, 8btc. com, an unknown Filecoin agent insisted the decision was made to help stabilize the rate in the period after listing.
The representative supposedly said:
It is to establish an independent market maker to (assistance) maintain a stable rate in the early stage of the project, due to the fact that the cost might be the most unstable at this time. At the same time, these coins are not a sell-off of FIL by the Filecoin.
As part of the plan, FIL tokens were also sent out to other exchanges besides Huobi. Meanwhile, the Filecoin team also described in a blog site that “the network has actually now gotten in a peaceful post-launch tracking duration to guarantee the network is operating efficiently.” The blog adds that the “network is steady and neighborhood members are reporting effective operations.”
Token Price Tanks
Despite this strategy, the Filecoin token saw its cost tank a few hours after listing. It seems the envisaged supporting technique stopped working to stop the token cost from dropping.

According to the Beijing-based Chainsmap monitoring system, these tokens were created a day prior to the offering while their transfer to addresses had actually been brought out by way of airdrops. In addition, a transaction pair swimming pool has been established in Uniswap with this token.
Introduced as a decentralized storage network, the Filecoin team says the task was started to assist “shop humankinds crucial info.” The job raised $205 million in an initial coin offering in 2017, and while the launch date was at first planned for mid-2019. However, the mainnet launch date was pressed back until block 148,888, which is anticipated in mid-October 2020.
What are your views about the Filecoin dumping accusations? Tell us what you believe in the remarks section listed below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

As part of the strategy, FIL tokens were also sent to other exchanges besides Huobi. Regardless of this strategy, the Filecoin token saw its cost tank a few hours after listing. It seems the envisaged supporting method failed to stop the token rate from dropping. As Binance trading data shows, the token opened at $200 but this had actually dropped to $42 at the time of composing. 1.5 million $FIL for 200 USD each worth 300 million USD at the high.

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