Summary of the main points related to Bitcoin, web3, Ethereum, and cryptocurrency:
- Market maker Gotbit faced criticism for selling $4 million worth of WATER tokens, causing a 70% price drop.
- Gotbit claimed it sold WATER tokens to stabilize prices and protect investors.
- The WaterCoin team has remained silent on the issue despite the price decline.
Market Maker Gotbit’s Controversial Actions
Gotbit, a crypto market maker, came under scrutiny for selling $4 million worth of WATER tokens, leading to a significant 70% price drop for the token. The company, founded by Russian trader Alexey Andryunin, was accused of contributing to the dramatic price crash of WaterCoin (WATER) shortly after its debut on decentralized exchanges.
Gotbit’s Defense and Response
In response to the allegations, Gotbit explained that it sold the WATER tokens to stabilize prices and prevent further losses for investors. The company claimed that the sudden surge in price was unexpected and attributed it to “independent snipers.” Despite initial support for their actions, Gotbit later stated that their role was to provide equal opportunities for all investors and adjusted the token’s price to a fair level to protect the community from potential losses.
Impact on WaterCoin and Community Response
Despite Gotbit’s efforts to justify its actions, the price of WATER tokens remains 88% below its debut value. The WaterCoin team has not publicly addressed the controversy, leaving the community unsettled amidst the market turmoil.
