Matic Takes 66% Route Down, Binance Investigates This 'Nightmare'
After stellar performance, MATIC, the token of blockchain scalability network, Matic Network, suffered a 66% crash in less than an hour on Tuesday. And now, even Binance, responsible for the initial exchange offering of this project, is investigating the case.
At pixel time (05:20 UTC), MATIC trades at c. USD 0.02 and is up by 18% in the past hour, after touching USD 0.012 earlier today. The price is down by 49% in a day, erasing its weekly gains (-32% now). MATIC is still up by 20% in a month.
MATIC price chart:
"Just woke up to this nightmare due to a distress call by someone. It will be clear very shortly that we are not behind this, as some FUD accounts are trying to insinuate. We will post a detailed analysis and we will come out stronger than ever from this evident manipulation," Sandeep Nailwal, Co-founder and COO of the company, reacted.
Changpeng Zhao, CEO of Binance, said that their team is still investigating the data, "but it's already clear that the MATIC team has nothing to do with it."
"A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading," the CEO added.
However, not everyone is convinced by this explanation.
"This narrative that a number of big traders panicked is absolute horshit. I respectfully encourage you to show some kind of data that at least suggests this," crypto trader Nick Core said.
CZ im not sure what need to be investigate here.— I am Nomad (@IamNomad) December 10, 2019
1) they admit to transfered to binance in their own chat directly after the release schedule
They transfered said unlocked funds directly to binancehttps://t.co/DoYD3GD8Wg
the total liquidated == the total sold today roughly. pic.twitter.com/8z0LSh7hwB
/2 This happening shouldn't be a surprise to anyone. It is simply the inevitable outcome of offering margin on illiquid shitcoins. See Clams on Poloniex and Metaverse on Bitfinex for other examples. pic.twitter.com/W5RRjOMDP2— light (@LightCrypto) December 10, 2019
Just look at the god damn chart and tell me this is not an insider job. A big pile of inorganic #. https://t.co/MAusVJMc0O— The Crypto Monk ⛩ (@thecryptomonk)
@Crypto_Core There's a bot in there posing as an admin telling people to DM for refunds, probably trying to get log… https://t.co/fyr7QMWoNC— sicarious (@Sicarious_)
0/ We have been following Matic closely during the past 2 week. It is a good project with a good team that believes… https://t.co/BZ6Lo0IvUH— SpartanBlack (@SpartanBlack_1)