Developers Clarify the Reason Behind the Significant Price Drop in an Altcoin – Did They Sell Their Tokens?

Following the 41% sudden drop in the SOON token on July 5, 2025, the team behind the project released a detailed analysis report. The report stated that the incident was a coordinated market manipulation and that official market makers and foundation wallets had nothing to do with the attack.

According to a preliminary report published by the SOON team, the attack occurred between 4:00 PM and 9:00 PM on July 5th. During this period, 22 million SOON tokens, withdrawn from Bitget, were systematically sold on exchanges like Bithumb, Upbit, Gate, and others. At the same time, significant profits were made from the price drop through short positions opened on platforms like Binance, Bybit, and OKX. This aggressive selling drove the SOON price from $0.22 to $0.13.

SOON price has still not fully recovered despite the overall market rally after the recent crash.

In-depth analysis noted that these transactions resulted in funding rates in derivatives markets falling by as much as -500% to -600%. It was noted that manipulators maximized selling pressure by switching between different exchanges, profiting significantly from this decline.

The SOON team subsequently maintained that the foundation addresses were not involved in any of these transactions. It also stated that the official market makers, Jump Crypto and Amber Group, had no role in the decline.

*This is not investment advice.

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