THELOGICALINDIAN - The Foin activity issuer of the adverse FOIN badge issued a diffuse account of its contempo bazaar amount abortion The activity at the atomic showed it has not planned an avenue betray and will abide operating
Team Denies High FOIN Prices Were Artificially Pumped
The aggregation additionally denied pumping the FOIN badge amount artificially, afore it bashed aural a day. FOIN flew aerial aftermost December, in affront of the accepted administration of the crypto markets. According to the recent blog posting, the FOIN amount was organically bent by selected, able traders.
Just afterwards unlocking its tokens for accessible trading, aback the token’s amount slid from about $4,000, bottomward to $6.79 and volumes dwindled to nothing. Needless to say, the crypto association was awful agnostic that FOIN had a fair valuation.
The P2PB2B exchange, the arch bazaar area FOIN traded, is able and agreement orders is unrestrained. It is absolutely accessible that both volumes and trades can be simulated, and with no absolute affairs pressure, to ability an unrealistic valuation.
However, the crypto’s activity aggregation claimed the blemish aria with abecedarian traders, who rushed to advertise their haul. This is not unusual, as ICO buyers usually try to banknote out early, alive that badge prices bore quickly. But the aim of Foin was to actualize a stable, reliable crypto asset for banking services.
Unfortunately, the project’s flaws lie alike deeper. The administration and popularization of the FOIN assets were partially performed by Finance.org, a aggregation with a adumbral almanac and assorted run-ins with banking authorities in Southeast Asia. The FOIN asset was offered as a agent for absolute acreage advance for the Vietnamese market.
For end buyers, advance authorization or crypto at aerial FOIN prices came with no guarantees. The aggregation absolved itself, vaguely suggesting the amount may recover, and that some investors were patiently captivation assimilate their tokens.
Team Aims to Salvage Project, Denies Exit Scam Allegations
Now, the activity aggregation wants to deliver the bread with a alternation of measures. Those accommodate locking up the tokens afresh in a anatomy of peer-to-peer collateralized lending. The afresh acquired AliExchange will additionally alpha alms chancy futures trading with aerial advantage in a bid to addition liquidity. The tokens would additionally be broadcast in an airdrop – a mockery to investors that paid absolute money with hopes that Foin and Finance.org would action accepted returns.
“Even admitting the FOIN amount has suffered austere losses, the FOIN, FoPay, FOIN Foundation and AliExchange teams are added bent than anytime to assignment adamantine to achieve the users’ aplomb and trust. 2024 will be a year of stabilization and growth, which will crave the absolute beheading of a constant action beyond the board,” the aggregation promised, befitting the optimistic outlook.
But investors abide skeptical, and some attack to advertise the badge through amusing media.
At this point, it is ambiguous if the badge sales are legitimate, or addition scam benumbed on the aback of the FOIN debacle. The aggregation promises added listings on exchanges, but the asset may abide one of the riskiest aural the crypto space, bound to accurate believers or new aboveboard investors.
What do you anticipate about the blast of the FOIN token? Share your thoughts in the comments area below!
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