The post NEO Foundation Denies Insider Trading Claims as Token Prices Experience 35% Drop Amidst Investigation appeared on BitcoinEthereumNews.com.

NEO Foundation faces scrutiny as NEO token prices plummet 35%, igniting allegations of insider trading amidst high selling pressure. Recent investigations reveal that a significant long-term holder sold 9.25 million tokens, prompting fears of market manipulation. In response, the NEO Foundation has categorically denied any involvement, clarifying their commitment to transparency and market integrity. Amid recent turmoil, the NEO Foundation denies allegations of insider trading as prices fall sharply; a 9.25 million token sale raises eyebrows. Investigation into Massive Binance Transfers: Unraveling the Details A notable drop in NEO prices has created ripples throughout the cryptocurrency market, with prices sliding from $8 to $5 between March 24 and April 1, 2025. This substantial decline has not only unsettled investors but has also led to the NEO Foundation acting swiftly to investigate these alarming market fluctuations. The Foundation initiated an internal probe to track down irregularities within wallet transactions. Initial findings pointed to a Neo Legacy address that had amassed 11.8 million tokens between 2017 and 2021. Notably, these tokens were transitioned to the Neo 3 blockchain, which would eventually see a considerable portion transferred to multiple wallets, ultimately culminating in a substantial deposit at Binance. On March 24, 2025, the Neo 3 wallet dramatically offloaded 9.25 million tokens—approximately 13.2% of the circulating supply—to Binance, with a transaction value approximating $60 million. This strategic selling left just 2 million tokens remaining in the Neo 3 wallets, raising alarms within the investing community. However, the Foundation emphasized that while there was a notable correlation in timing, they could not definitively confirm a connection between these sales and the subsequent price drop, stating: “While the timing of these transfers aligns with the observed price drop, we cannot confirm a direct causal relationship at this stage.” Market Reactions and Future Outlook: Navigating the Turbulence…

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Filed under: News - @ April 3, 2025 1:24 am