The “Advertisement” By Huawei Boosted The Value Of Defactor’s FACTR Token By 400%
- A video that introduces Huawei’s relationship with a DeFi project named “Defactor” was published by the company on Twitter. The co-founder of the project who serves as the movie’s narrator is also featured in the video.
- On February 23, the value of Defactor’s FACTR token experienced a significant increase of 400%, going from 0.04 USD to 0.2 USD.
Following the publication of a promotional film on the DeFi Defactor project by Huawei, one of the leading technological firms in China, the value of the FACTR token increased by a factor of 400%.
On February 21, the Chinese telecommunications giant Huawei uploaded a video on Twitter promoting its relationship with a DeFi initiative dubbed “Defactor.” The narrator of the clip is also the primary character in the film, so it makes sense that Huawei chose him to introduce the alliance co-creator of this project together with others.
It was revealed by the company’s co-founder that Defactor is a solution that acts as a bridge between the conventional financial market (CeFi) and decentralized finance (DeFi). The purpose of the partnership with Huawei is to expedite the growth of the ecosystem that will support the project.
On February 23, the value of Defactor’s FACTR token shot up by a staggering 400%, from $0.04 to $0.20. However, it has since dropped back down to $0.09 as of press time. According to CoinGecko, the price of FACTR has moved significantly during the past week.
However,blockchain investigators followed the trace on Etherscan and discovered that approximately thirteen days before the announcement, there was a newly created wallet that had secretly “collected” two hundred thousand FACTR and planned to release it as soon as the token reaches its peak price, pocketing a profit of twenty-five thousand dollars in the process.
It is not quite apparent if this transaction constitutes “insider trading” or whether Huawei has reaped any other benefits as a result of pushing the Defactor.
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