727 FinancePANews October 29 news: Axis Robotics has issued a statement regarding the sell-off of $AXIS on October 28-29. Axis Robotics emphasizes that tokens belonging to the team or investors were not sold. The allocations of the core team and investors (as well as all other locked allocations, accounting for 83.5% of the total supply) remain in vesting contracts co-managed with Binance. The tokens sold in this incident originated from the initial circulating supply portion of the published tokenomics model, specifically belonging to the "ecosystem" allocation. Because many ecosystem participants are not crypto-native users, their allocations were delivered through a single over-the-counter (OTC) counterparty; the written agreement signed by both parties included lock-up provisions.
PANews October 29 news: Axis Robotics has issued a statement regarding the sell-off of $AXIS on October 28-29. Axis Robotics emphasized that tokens belonging to the team or investors were not sold. The allocations of the core team and investors (as well as all other locked allocations, accounting for 83.5% of the total supply) remain in vesting contracts co-managed with Binance. The tokens sold in this incident originated from the initial circulating supply portion of the published tokenomics model, specifically belonging to the "ecosystem" allocation. Because many ecosystem participants are not crypto-native users, their allocations were delivered through a single over-the-counter (OTC) counterparty; the written agreement signed by both parties included lock-up provisions.
Judging from the selling pattern (the tokens were sold within hours of delivery through exchange deposit channels via hundreds of newly created addresses), this most likely means that the OTC counterparty sold these tokens on the open market. If this is the case, then this action has breached the agreement between the two parties. The team has currently suspended all further cooperation with the counterparty, is reviewing the relevant agreement with legal counsel, and will seek all feasible remedies available under the agreement framework.
Earlier news: According to on-chain detective ZachXBT, insider addresses of Axis Robotics (AXIS) sold off tokens, causing the token to plummet by about 40%.