The post Neiro Gotbit Partnership Is Now Raising Many Doubts appeared on BitcoinEthereumNews.com.

Key Points: Ethereum-based memecoin project Neiro ended its partnership with market maker Gotbit after allegations of market manipulation emerged. ZachXBT criticized the Neiro Gotbit partnership, citing the firm’s long-standing negative reputation. Ethereum-based memecoin project Neiro announced it has officially terminated its partnership with crypto market-making firm Gotbit following allegations of manipulation. Read more: IcomTech Ponzi Scheme Exposed With Scam Tokens Causing Losses Neiro Gotbit Partnership Was Terminated Over Allegations of Manipulation The announcement came shortly after Gotbit was accused of a number of fraudulent activities, including manipulating token prices and engaging in wash trading. ZachXBT, a blockchain investigator who has called out the exchange’s questionable practices, expressed surprise that the Neiro Gotbit partnership was in the first place. ZachXBT stated that Gotbit had been known for a while as a manipulator, and loads of evidence piled up on their market manipulation. This should have served as some kind of warning from Neiro. He further wondered why Neiro did not raise a flag at an earlier stage, insinuating that the project’s decision to cut the Neiro Gotbit partnership may be a measure after the fact rather than one taken pre-emptively. Gotbit Faces Regulatory Heat as Scrutiny Intensifies Gotbit is a market-making service firm implicated in various high-profile controversies, including plans for price manipulation with the express purpose of artificially pumping up token values, often leaving retail investors at a loss when prices crash. Over the last few days, regulatory bodies such as the U.S. SEC and the Department of Justice have also been scrutinizing crypto market makers including Gotbit. The arrest for market manipulation of the chief executive officer further pressed companies associated with the firm. The wider regulatory crackdown axed the Neiro Gotbit partnership. Though Neiro reassured its community that its project was stable, events like transferring funds to a…

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Filed under: News - @ October 12, 2024 1:19 am