The post Bankless on defensive after dumping Solana AI coin on day one appeared on BitcoinEthereumNews.com.

Ethereum enthusiasts and hosts of the Bankless podcast, David Hoffman and Ryan Sean Adams, faced heavy criticism over the weekend following accusations of dumping AICC, the token of Solana-based AI Investment and Development DAO, Aiccelerate. Both Hoffman and Adams, as well as the brand’s VC arm, had received unlocked token allocations in exchange for small seed investments. At its peak, AICC was trading at around $0.30, making the 9 million tokens allocated to each worth over $2.5 million, in theory. The controversial sales came from Bankless Ventures’ 3.64 million allocation on the day of the token launch. Multiple clips of 45,000 AICC were dumped for roughly $10,000 apiece, at an average price of around $0.22. AICC is currently trading at $0.07, according to data from CoinMarketCap. Many rumors circling around CT are a warped version of reality. Some additional commentary from inside the Bankless community discord: pic.twitter.com/S3KGcrSZ1x — DavidHoffman.eth 🦇🔊 (@TrustlessState) January 12, 2025 Read more: Marc Andreessen’s crypto-trading AI breakthrough is human-operated However, Hoffman and Adams have hit back at what they call “a warped version of reality.” They defended themselves by stating that the tokens sold were part of their associated Bankless Ventures allocation, rather than personal investments. They also pointed to their fellow Bankless partner as the individual who had made the “impulsive mistake,” stating that the proceeds were then spent on buying back the token at far lower prices. A dashboard of each investor’s initial allocation and current balances shows the Bankless Ventures address currently holding slightly more tokens than originally assigned. It also shows Adams’ address having held his allocation, and Hoffman’s account having moved the tokens to another address, where they remain. Reactions to a messy launch The original thread to call out Bankless’ actions raises further concerns, including inviting Aiccelerate’s co-founder Ejaaz Ahamadeen…

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Filed under: News - @ January 13, 2025 6:18 pm