Famous crypto exchange Bitget has recently issued a statement addressing an unusual trading behaviour expressed by Reel Token (REELT). As per the crypto exchange, the respective behaviour is being witnessed after the listing of REELT in the Innovation Zone of Bitget on the 23rd of March. Soon after the opening of REELT trading, the team of Bitget discovered 4 accounts linked with the project team.
Bitget Releases a Statement over the Suspicious Trading Activity by the Team of Reel Token
The respective accounts included 3 market-maker accounts and 1 advisory account. These accounts had been involved in several trades and deposits. In a little time, above 2M REELT tokens were sold by the respective accounts. As a result of this, approximately 400,000 USDT tokens were received. Simultaneously, the REELT token’s price slumped from the starting 0.07 USDT to a 60% decreased level of 0.028 USDT.
In reaction to this, the team of Bitget rapidly interacted with the project team of Reel Token. The team endeavoured to label the respective abnormalities as the usual market-maker behaviour. Nonetheless, Bitget discovered that the majority of the directors in the respective accounts were selling orders. As per Bitget, this does not fit in the market-making logic. Moreover, the crypto exchange has seen a lot of complaints from its community regarding doubtful dumping behaviour.
While keeping in view these reasons, the exchange platform has provisionally suspended the trading of REELT tokens on their forum since the 24th of March. In addition to this, it has frozen 4 accounts showing unusual trading behaviour. It is also conducting additional inquiries along with continuously investigating the reasons for such irregular behaviour.
In this respect, no reasonable response has been given to the platform by the project team. On the other hand, the crypto exchange has received some provocations and threats, according to Bitget. In this respect, the exchange has asserted that the suspicious dumping attitude expressed by the project team signifies a straight infringement of the rules set for the Bitget Innovation Zone.
Crypto Exchange Declares a Compensation Plan for the Affected Consumers
Apart from that, it added, the community of the crypto exchange has also witnessed a huge impact. Hence, Bitget has apologized to the affected consumers. To deal with this, the crypto exchange has announced to start of a compensation strategy. As a part of the plan, 600,000 USDT tokens will be taken from the crypto exchange’s separate funds along with the already frozen 400,000 USDT tokens.
