Following a bet made by Aerodrome, a decentralized crypto exchange, on Base, the Ethereum layer-2 solution of cryptocurrency exchange Coinbase, there was a sudden drop in the price of the newly launched altcoin.
According to the official statement made by Aerodrome, it was determined that some Aerodrome officials made unfair profits through insider trading during the Venice Token (VVV) launch. The company used the following statements in its published text:
“A note on the VVV launch.
At Aerodrome, projects frequently launch tokens and the launches are closely monitored.
The timing of a small percentage of trading activity around the VVV launch was flagged by internal monitoring as less than 30 minutes, triggering an internal investigation.
This investigation resulted in the suspension of two participants within three hours of launch. We are continuing our investigation and will take any appropriate action.
As a team, we hold ourselves to the highest ethical standards.”
Following the development, there was a sudden drop in the price of the VVV token. Interestingly, Coinbase had recently put forward the idea of improving its listing standards. Such a development was noteworthy for the VVV token, which was recently listed by Coinbase.
Bybit futures VVV chart showing the decline in the VVV token.
*This is not investment advice.
