The truth is that the MEXC exchange has sold Elemon Token (ELMON), causing the price to drop sharply

In the last few days, the crypto community has been buzzing with news that the MEXC exchange has released a huge amount of Elemon tokens (ELMON), causing the price of ELMON to drop deeply, affecting some holders and the quality of the project impaired. Prior to this information, the exchange made a correction as follows.

Is there a story about MEXC selling Elemon Token (ELMON)?

In the last few days, many Facebook accounts have voiced that the MEXC exchange took advantage of users’ trust and sold 1 million Elemon tokens (ELMON), causing the price to drop from $1 to as low as $0.45.

This drop did not come from the project because a lot of people think that this is a good platform, the developers have the heart, the big giant Corsair is behind them, etc. So many people think that the price has dropped a lot an address that in sold out a total of 1 million ELMON in just a few days. Some people have contacted the project and asked for this wallet address. The development team believes that this address does not belong to the Elemon project.

After further research, many people believe that this address belongs to a listed exchange Elemon and the name is none other than MEXC because the exchange has confirmed that this address belongs to their users. Although not specifically mentioned, many doubts have been raised that the owner of this wallet is the owner of this wallet with a portfolio of almost 200 types of assets worth more than 25 million USD. From this they conclude: “Users deposit ELMON for trading and the exchange releases tokens to sabotage the project”.

Not only that, many people believe that MEXC has done this with many other projects like BombCrypto (BCOIN), Faraland (FARA), Thetan (THG), Bholdus (BHO). In view of this information, MEXC spoke up corrections as follows:

“We found that some communities misrepresented and maliciously provoked MEXC. According to the study and review of on-chain data, the decrease in the ELMON token price is due to the deposit and sale of large value holders, as well as the withdrawal of some large users to external platforms for sale. MEXC immediately exchanged information with the project side and inquired about it” said the stock exchange.

After presenting some evidence that the wallet address belongs only to a user who specializes in bulk token deposit and sale on the exchange, MEXC said: “As a trading platform, MEXC only offers users a trading venue and does not intervene the secondary market. Anyone can query the on-chain data.”

Finally, the exchange said that it is committed to protecting assets and will never do anything to harm users’ assets. In addition, MEXC said it would prosecute those who intend to smear the ground. Therefore, those who shared this information and participated in groups should hide the post before any undesirable events happen. And of course, be careful what you read/hear before making a decision.

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