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Neiro Cuts Ties with Gotbit, Citing Market Manipulation Allegations In a significant move within the cryptocurrency ecosystem, the Ethereum-based memecoin project Neiro announced on its official X (formerly Twitter) account that it has ended its partnership with market maker Gotbit. This decision comes in response to allegations of market manipulation surrounding Gotbit, prompting Neiro to distance itself to protect its project and community integrity. Overview of the Partnership Neiro and Gotbit had previously collaborated to enhance Neiro’s market presence and liquidity. Gotbit, known for its role as a market maker, provided essential services that supported Neiro’s trading activities and overall market stability. This partnership was instrumental in Neiro’s growth within the competitive memecoin landscape, facilitating smoother transactions and better price discovery for its token. Reasons for Terminating the Partnership On October 11, 2024, Neiro released an official statement via X, detailing the reasons behind the termination of its collaboration with Gotbit. The primary factor cited was the need to distance itself from ongoing allegations of market manipulation associated with Gotbit. Neiro emphasized that none of Gotbit’s issues were connected to its own operations, asserting that the decision was made solely in the best interest of the project and its community. Actions Taken by Neiro Following the announcement, Neiro took decisive actions to ensure the stability and trust within its ecosystem: Withdrawal of Market-Making Funds: Neiro has withdrawn all market-making funds previously allocated to Gotbit. These funds have been transferred to a community multisig address, ensuring that the assets remain secure and under community control. Interim Liquidity Management: To address any immediate liquidity gaps resulting from the termination, Neiro’s Chief Technology Officer (CTO) has temporarily stepped in to manage liquidity. This measure ensures that trading activities remain uninterrupted and that the market remains stable during the transition period. Future Plans for…

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Filed under: News - @ October 11, 2024 12:20 pm