MEXC is accused of dumping ELEMON Token (ELMON) and the correction of the exchange

In the past few days, the crypto community has been buzzing with the news that the MEXC exchange has released a massive amount of Elemon Token (ELMON), causing the price of ELMON to drop low affecting some holders and the quality of the project. Before this information, the exchange was corrected as follows.

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

In recent days, many Facebook accounts have voiced that the MEXC exchange has taken advantage of users’ trust, selling 1 million Elemon Token (ELMON), causing the price to drop from $1 to as low as $0.45.


Source: CoinMarketCap

The sharp drop came from an address that sold out a total of 1 million ELMON in just a few days. This decrease did not come from the project because many people think this is a good platform; the developers have the heart, have the significant Corsair backing;… Therefore, many people believe the price is. Some people have contacted the project and asked about this wallet address. The development team believes that the Elemon project does not own this address.

Although not explicitly named, many doubts have been raised that the owner of this wallet is the owner of this wallet with a portfolio of nearly 200 types of assets worth more than 25 million USD. 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 this address belongs to their users. From there, they conclude: “Users deposit ELMON to trade, and the exchange releases tokens to sabotage the project.”

Not stopping there, many people also believe that MEXC has done so with many other projects such as  BombCrypto (BCOIN), Faraland (FARA), Thetan (THG), Bholdus (BHO). Facing this information, MEXC has corrected as follows:

“We found that some communities have made malicious and misleading statements about MEXC. According to on-chain data investigation and verification, the decrease in ELMON token price is due to the deposit and sale of holders. Owners have large value holdings, and some large users withdraw money to external platforms to sell. MEXC immediately exchanged and checked with the project side,” the exchange said.

After providing some evidence that the wallet address belongs only to a user who specializes in mass depositing tokens and selling on the exchange, MEXC said: “As a trading platform, MEXC only provides users with one place to trade and not to interfere in the secondary market. Anyone can query through on-chain data.”

Finally, the exchange said it is committed to safeguarding assets and will never do anything to damage users’ assets. In addition, MEXC is said to take legal responsibility for those who intend to smear the exchange. Therefore, those who have shared this information and participated in groups should hide the post before unwanted events happen. And of course, be careful what you read/hear before coming to any decision.

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