StormX (STMX) and Adventure Gold (AGLD) Prices Experience Volatility, Market Manipulation Suspected

In recent days, the market has witnessed rapid fluctuations from two token projects, STMX and AGLD, raising suspicions of market manipulation.

StormX (STMX) and Adventure Gold (AGLD) Prices Experience Volatility, Market Manipulation Suspected

StormX (STMX) surged by 140% to $0.015 USD, then retraced to $0.007 USD.

1D price fluctuation chart for STMX/USDT pair on July 24, 2023, on Binance

Following the mentioned price swings, customer support representatives from Binance stated this was an "urgent issue related to the STMX contract," and the team is actively addressing it. Affected individuals are encouraged to fill out a form for assistance.

Currently, StormX and Binance have not issued any official announcements. Coin68 will continue to monitor and provide updates.

StormX operates as a cryptocurrency cashback project on Ethereum, rewarding users with STMX tokens through shopping activities at partner stores. STMX primarily trades on Upbit, South Korea's largest crypto exchange, with a volume of $495 million USD, representing 72% of its trading activity.

Adventure Gold (AGLD) surged by 65% to $1.4 USD, then retreated to $0.65 USD.

Around July 20, AGLD spiked from $0.85 USD to a temporary peak of $1.4 USD before declining to $0.65 USD currently.

1D price fluctuation chart for AGLD/USDT pair on July 24, 2023, on Binance

According to findings from on-chain DeFi^2 traders, three accounts on Bybit participated in AGLD futures trading (long/short) over the past five days, earning a total profit of $1.2 million USD. These three accounts are also ranked within the top 6 futures traders on Bybit.

Adventure Gold (AGLD) is an ERC20 token used for voting rights and governance features within the Loot NFT project and potentially as an in-game currency unit.