Former Evmos Founder Attempting to Dump Large Amount of EVMOS Staking Tokens
Evmos has disclosed that its former founder is attempting to sell off 500,000 EVMOS staking tokens, which are held in what is reportedly the project's largest whale wallet.
Former Evmos Founder Attempting to Dump Large Amount of EVMOS Staking Tokens
Evmos Foundation, the blockchain project built on the Cosmos EVM, recently revealed that its former founder is trying to offload 500,000 EVMOS tokens via the AMM DEX Osmosis. This move was uncovered through on-chain data from Mintscan.
Evmos disclosed that the individual's wallet was staking over 11.5 million EVMOS, making it the largest staking wallet on the network. The unexpected sell-off by the founder contradicts the initial responsibilities and significantly damages the project's reputation, according to Evmos.
1/8 We are aware of the departed co-founder who owns the 34M wallet that has been attempting to sell 500k EVMOS on Osmosis.https://t.co/kgKKyIGw5Bhttps://t.co/ycKNBRqsAv
— Evmos // evmOS ☄️ (@EvmosOrg) May 19, 2023
The Evmos Foundation stated that they are actively engaging with the former founder to recover the EVMOS tokens:
“We are working with the former founder to find a way to return the tokens to the Evmos Foundation.
This is part of our efforts to resolve this unfortunate situation. We aim to resolve it within the next few days, alongside releasing a transparent network plan in the coming week.”
In response to the negative news, the price of EVMOS has plummeted by 14% over the past 24 hours, dropping to $0.14 at the time of writing.\
24-Hour EVMOS Price Fluctuation
Screenshot from CoinGecko at 10:50 AM on 22/05/2023
