SOON Foundation Responds Again to Sharp Token Price Drop: Suspected Premeditated Short Selling by Professional Institutions, Team Not Involved

Foresight News reports that the SOON Foundation has once again issued a response regarding SOON’s price fluctuations, stating that neither the SOON Foundation, the project team, nor SOON’s official market-making partners Jump Crypto and Amber Group participated in the July 5 incident in any capacity, and has disclosed the token holding addresses of all relevant parties.

The SOON Foundation stated that the attacker carried out simultaneous withdrawals and cross-CEX sell-offs. Considering the timing and structure of this sell-off, the Foundation believes it was a premeditated action by a professional trading institution, likely one with market-making experience that implemented a clear short-selling strategy. The aim was to exploit liquidity asymmetries—particularly the disparity between the deep perpetual contract market and the thin spot liquidity on centralized exchanges (especially in the Korean market). The team is currently formulating a series of countermeasures and structural solutions to address this situation.