Binance’s IEOs keep Dumping, but why?

[Danumsigwasan]

Binance is facing yet another criticism as one of their IEO tokens has seen a huge dump once again. Matic, which was put on Binance launchpad, Binance’s version of an IEO, fell 60% in just minutes.

The token which is on the Ethereum network saw the huge drop. Coinmarketcap data said that MATIC/BTC reached a high of 562 satoshis on Monday, before diving to lows of just 195 satoshis.



Matic were forced to write a blog post to their investors and supporters explaining the situation. They also had to answer strong claims that they were behind the dump and had duped unsuspecting investors.

The blog post said:

“We want to strongly state that the allegations of token movement from our Foundation account, made by a FUD account against Matic team are completely baseless.”
 
Unsurprisingly, Binance CEO, Changpeng Zhao was quick to refute the inside job accusations too. Matic was one of the first tokens to raise funds on Binance Launchpad, so this is yet another PR disaster for Binance, in what has been a rough year for the company.

On the Matic issue, CZ said: “Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it.” He went on to blame bagholders for the volatility:

“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.”

Many articles had previously been praising binance and their launchpad for the apparent success of the IEO and how the tokens listed all appeared to be pumping. A Cointelegraph article pasted in November asked: “Why Are Binance IEOs Starting to Pump?”

Well, it's funny what a difference a few weeks make a now it appears many are dumping, and fast. This Matic incident is not the first time a huge dump has happened to a Binance Launchpad token. Fetch.AI (FET) saw a big dump after its listing, as did many other tokens.

Celr another prominent token on Binance launchpad also saw a significant drop in price. The list i vergrowing. Is Binance really the best path to take?

This Matic data would suggest not and the questionable nature around this latest dump calls into question the trustworthiness of the company and Binance. This not being the first time, especially as Binance saw themselves drop out of the top ten of most trusted exchanges last month. The signs are clearly presenting Binance and those associated in a bad light. Let’s see if this Matic scandal is a big anomaly or more tokens from Binance launchpad take a similar path.

[1714116686]

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[betty11]

I don't think Matic team is free from the manipulation, this is part of the danger in a yet to established altcoin, you never know when the evil killer trigger is going to be pulled. I have severally be injured by these altcoin, this is why I am now a bounty hunter. Ordinarily I prefer trading to hunting.

[Ahrvodeex]

After what Binance has done for past 6 months, this will be no big deal for them!

[yptorian]

Aww, Binance is Sketchyyyy, I don’t even think they are worthy to talk about

[Andrew Parker]

I don't think Matic team is free from the manipulation, this is part of the danger in a yet to established altcoin, you never know when the evil killer trigger is going to be pulled. I have severally be injured by these altcoin, this is why I am now a bounty hunter. Ordinarily I prefer trading to hunting.

A very valid point. I am Binance lover, but Matic like projects are worthless, so I am least concern about such altcoins…

[Freddy11]

Binance is facing yet another criticism as one of their IEO tokens has seen a huge dump once again. Matic, which was put on Binance launchpad, Binance’s version of an IEO, fell 60% in just minutes.

The token which is on the Ethereum network saw the huge drop. Coinmarketcap data said that MATIC/BTC reached a high of 562 satoshis on Monday, before diving to lows of just 195 satoshis.



Matic were forced to write a blog post to their investors and supporters explaining the situation. They also had to answer strong claims that they were behind the dump and had duped unsuspecting investors.

The blog post said:

“We want to strongly state that the allegations of token movement from our Foundation account, made by a FUD account against Matic team are completely baseless.”
 
Unsurprisingly, Binance CEO, Changpeng Zhao was quick to refute the inside job accusations too. Matic was one of the first tokens to raise funds on Binance Launchpad, so this is yet another PR disaster for Binance, in what has been a rough year for the company.

On the Matic issue, CZ said: “Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it.” He went on to blame bagholders for the volatility:

“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.”

Many articles had previously been praising binance and their launchpad for the apparent success of the IEO and how the tokens listed all appeared to be pumping. A Cointelegraph article pasted in November asked: “Why Are Binance IEOs Starting to Pump?”

Well, it's funny what a difference a few weeks make a now it appears many are dumping, and fast. This Matic incident is not the first time a huge dump has happened to a Binance Launchpad token. Fetch.AI (FET) saw a big dump after its listing, as did many other tokens.

Celr another prominent token on Binance launchpad also saw a significant drop in price. The list i vergrowing. Is Binance really the best path to take?

This Matic data would suggest not and the questionable nature around this latest dump calls into question the trustworthiness of the company and Binance. This not being the first time, especially as Binance saw themselves drop out of the top ten of most trusted exchanges last month. The signs are clearly presenting Binance and those associated in a bad light. Let’s see if this Matic scandal is a big anomaly or more tokens from Binance launchpad take a similar path.

Lol with Binance, you can always expect these things  

I am surprised people still can say it’s not their fault. Binance is a living monster that sooner or later is going to pay the price.

Mark my words!!!

[mindrust]

I don't think Matic team is free from the manipulation, this is part of the danger in a yet to established altcoin, you never know when the evil killer trigger is going to be pulled. I have severally be injured by these altcoin, this is why I am now a bounty hunter. Ordinarily I prefer trading to hunting.

A very valid point. I am Binance lover, but Matic like projects are worthless, so I am least concern about such altcoins…

The prophecy will become true. Only a few of the cryptocurrencies is going to survive while all the rest will go to zero. There were other "good" projects before and nobody even remembers their name anymore. On the other hand, you can't just stop people creating new crypto and there will always be some risk takers too so... coins like Matic will always make one big pump before dying off completely.

[Candycrush1129]

I seriously don’t know if it’s Binance or what but it is certainly hurting their credibility. They shouldn’t allow such projects to have IEOs on their platform, it seems weird why would Binance let it happen so many times?

[tenakha]

Apparently, the scenario of this film have been written long ago by the team. It is just a cliche pump-dump theme. But I do not think there is any other fault than Binance's lie (They probably gave a statement like this to protect themselves) statement on this. The exchange sets certain limits that the amount sent is probably no more than that. In this scenario, there could be another exchange instead of Binance.

[KYCbench]

Not an expert but this is quite normal and I am not even sure why will Binance want to tweet over this?
This happens with almost every other platform and very common. But yes Binance are no innocent ducks, that’s correct but not anything else.

[carlfebz2]

I don't think Matic team is free from the manipulation, this is part of the danger in a yet to established altcoin, you never know when the evil killer trigger is going to be pulled. I have severally be injured by these altcoin, this is why I am now a bounty hunter. Ordinarily I prefer trading to hunting.

A very valid point. I am Binance lover, but Matic like projects are worthless, so I am least concern about such altcoins…

The prophecy will become true. Only a few of the cryptocurrencies is going to survive while all the rest will go to zero. There were other "good" projects before and nobody even remembers their name anymore. On the other hand, you can't just stop people creating new crypto and there will always be some risk takers too so... coins like Matic will always make one big pump before dying off completely.

Just always been the case and it not a surprising thing anymore when it comes to the future of these altcoins.We've been flooded by thousands
of shitcoins in the market with having those repeated ideas all over again and again.As said people do create repeating again and again because
of the possible profits for its creators if it do able to make some hype.Im not really expecting too much with IEO projects that would be more that
to those which have been offered in ICO's. They are all trash in the end.

[TimeTeller]

Not an expert but this is quite normal and I am not even sure why will Binance want to tweet over this?
This happens with almost every other platform and very common. But yes Binance are no innocent ducks, that’s correct but not anything else.

They know this kind of scenario will happen again and again.
If they will not stop launching crap IEOs on their platform, the trust and credibility are at stake here.
This Matic project is not the first one to experience this kind of price drop.
There were already several projects that have had this kind of trend after their IEO ended.
But this one is very fast to drop their prices. So it means, this project has nothing to offer and used Binance's popularity to fill their pockets.
BNB should have done their thorough investigation on the project to know the real skeleton of this one.

[Ezravdb]

I seriously don’t know if it’s Binance or what but it is certainly hurting their credibility. They shouldn’t allow such projects to have IEOs on their platform, it seems weird why would Binance let it happen so many times?

I experienced an unpleasant event seeing the price of matic being dumped down very significantly. who is threw away the matic so that prices dropped quite significantly. various cases like this should not happen because they can tarnish the big name binance. I also experienced a little loss because buying matic suddenly the price dropped. really bad strategy

[gensol]

Lol
I speculated earlier of how IEO end will be. It will be more drastic than ICOs as some exchange will be forced to delist some IEO tokens at some point in time.

[Rodeo02]

Lol
I speculated earlier of how IEO end will be. It will be more drastic than ICOs as some exchange will be forced to delist some IEO tokens at some point in time.

Yes its expected to happen , the trend of IEo is almost end thats why same as ICO more of them will declinr the price after its finish.
Your lucky you get 50% for new IEO but it will not alwayd happen.

[VanDeinsberg12]

I don't think Matic team is free from the manipulation, this is part of the danger in a yet to established altcoin, you never know when the evil killer trigger is going to be pulled. I have severally be injured by these altcoin, this is why I am now a bounty hunter. Ordinarily I prefer trading to hunting.

Did you ever think if there will be a thief that will be confessed himself as a thief? i believe the manipulation has already done by matic. More tokens are about to come to the market. It's clear if all of the tokens were coming to form the contract address and there is an indicator if that already done by the whale. If they are saying that's true they were dumping the token to the bottom and that means they are killing themselves because they can't sell their tokens again to the market. This is a classic story and happened so many times with the ico.

[Xxmodded]

Apparently, the scenario of this film have been written long ago by the team. It is just a cliche pump-dump theme. But I do not think there is any other fault than Binance's lie (They probably gave a statement like this to protect themselves) statement on this. The exchange sets certain limits that the amount sent is probably no more than that. In this scenario, there could be another exchange instead of Binance.

I am not interested anymore with Binenace IEO because almost all IEO coin listed on Binance become shit coin with lower price, look at with last Binance coin perlin have lower price and Matict coin become down more than how price during IEO, although is not Binance coin but they have looking which one good IEO for adopting in their exchange without submit all coin but become shit after listing with binance.

[dark08]

I'm not a fan of Binance Initial Exchange offering (IEO) but this dumping happen to Matic is very hurt specially if you are holding matic well if you take a look the chart history of matic in the past you will noticed a good run for this altcoin, but always remember not all the time the altcoin will stay on the top.

[AjithBtc]

I'm not a fan of Binance Initial Exchange offering (IEO) but this dumping happen to Matic is very hurt specially if you are holding matic well if you take a look the chart history of matic in the past you will noticed a good run for this altcoin, but always remember not all the time the altcoin will stay on the top.

Almost every IEO could've gained good return on the investment during the beginning days, now the scenario is different. Following bitcoin there is no big growth with more than 95% of the cryptocurrencies. The same is getting reflected over here, maybe once the market turns to move profitable every IEO out of binance will also turn profiting.

[X-ray]

I am not interested anymore with Binenace IEO because almost all IEO coin listed on Binance become shit coin with lower price, look at with last Binance coin perlin have lower price and Matict coin become down more than how price during IEO, although is not Binance coin but they have looking which one good IEO for adopting in their exchange without submit all coin but become shit after listing with binance.

The most earliest IEO they held are a hype driven IEO that result in inflated demand and price so when the market is more mature and calm while not driven by the hype anymore it's showing the real worth of all these IEO coins. Therefore, the IEO price after the crowdfunding phase ended have quite the chance of turning into an even more cheaper coin