- Mystiko Network (XZK) has become mired in controversy following its second airdrop, facing allegations of insider trading.
- Community members claim that substantial amounts of tokens in the airdrop were acquired using insider information.
- Suspicion arose specifically around two wallet addresses that allegedly received a disproportionately large number of tokens.
Mystiko Network faces backlash amid insider trading claims following its second airdrop, raising community concerns.
Allegations of Disproportionate Token Distribution
According to community members, suspicions have arisen regarding the recent airdrop conducted by Mystiko Network. It’s alleged that two specific wallet addresses, “0xBca” and “0xda8,” received significantly more tokens compared to the vast majority of other participants. The “0xBca” wallet allegedly acquired 59,570 XZK (worth approximately $1,787), while the “0xda8” wallet secured 60,325 XZK (worth around $2,170). In stark contrast, most other participants reportedly received tokens valued between $172 and $1,721.
Past Missteps and Calls for Investigation
Adding to the concerns, the community highlighted that these wallets had traded the XZK tokens on exchanges such as OKX and Bybit within a day of receiving them. The suspicion is further fueled by the quick disposal of the tokens, leading to demands for a thorough investigation into these transactions and the individuals controlling the “0xBca” and “0xda8” wallets.
Mystiko Network’s Response to Allegations
In an attempt to manage the situation, the Mystiko Network team has issued a statement via X (formerly known as Twitter), ensuring that transparency and trust within the community are of utmost importance. The team confirmed that they have been alerted to the community’s concerns and have initiated an internal investigation to address the allegations.
Market Reaction to the Controversy
The impact of these allegations has been felt in the market, with the price of XZK experiencing a notable drop. Over the past 24 hours, the token’s value has declined by 10%, currently trading at $0.035. This drop reflects the market’s reaction to the controversy and uncertainty surrounding the alleged insider trading.
Future Implications and Community Trust
The unfolding events surrounding Mystiko Network have highlighted significant issues regarding community trust and the transparency of airdrop processes. As the investigation continues, the team’s ability to address and resolve these concerns will be crucial in restoring confidence among their user base and stabilizing the token’s market performance.
Conclusion
In conclusion, Mystiko Network’s recent airdrop has become a focal point of controversy due to insider trading allegations. The disproportionate token distribution to specific wallet addresses has catalyzed market unease and demands for an in-depth investigation. The network’s response and subsequent actions will play a critical role in rebuilding trust and mitigating further market volatility.
