Welcome to another crazy bear market in crypto. Each day is uniquely designed to make crypto investors lose their minds slowly but firmly. What's cooking today? FUD? Fraud? Scam? Rug pull? Let's see!
Gari token was planned to be a utility token for a short video app named Chingari and a token for the NFT market. In terms of marketing, the team paid a decent amount of money for several crypto influencers that I know of.
Though things were fine, the token lost 93% in 5 minutes without any reason. Initially, it was though that there was a case of hack that gave birth to it. However, it was purely "market event" as Cointelegraph stated.
Someone, a whale or Kucoin (!), dumped the token so harsh that the volume candle and the price candle came together! The situation is still shady and there are 2 groups of people that blame some parties.
After the LUNA case, no one fells secure in crypto. When this thing happened, the holders blamed Salman Khan and the team behind. At that moment, Gari team announced that they will have AMA about the case.
Guess what? The link they shared did not work!
The investors are complaining about the case but, as far as I understand, there are some groups of people try to make the others believe that Kucoin is behind the sell-off!
Why would Kucoin do such a thing while there is FUD going around Kucoin ?
Interestingly, the number of people who believe KuCoin did such a thing is not just a few.
The reason why they blame KuCoin is because the dump started on the exchange and the price reached to a couple of cents in 5 minutes due to the manipulation in the exchange.
Investors believe that the ones who dumped the coin are not the investors of the token. Rather, it is the exchange itself that manipulates the price of the token to create FUD or kill the project for some reasons.
The team announced that accounts on KuCoin exchange are dumping the coin but they are working on the problem and they are going to buyback.
We only have the claims of the team on the official telegram over the manipulation by KuCoin whereas there are shady things about the devs such as not responding, sharing a broken link for AMA and not taking immediate actions.
I do not think KuCoin would dare to manipulate the coin with no reason. So far the team is in charge of this problem IMO.
What do you think about the case?
