Did Venice Team Dump $5.7M Tokens After Coinbase Listing?

The Venice AI platform quickly became popular due to its focus on assisting third-party developers and platforms in running various tasks generated by artificial intelligence. With this popularity, it launched its native token, VVV, which gained significant traction in the market and even a Coinbase listing. However, some industry experts have raised allegations against the AI platform’s team, claiming they issued themselves $5.7M tokens and dumped them in the market. Did they really do it? Let’s discuss.

Analyst Claim Venice Dump $5.7M VVV After Coinbase Listing

Amir Ormu, a renowned crypto analyst, made serious allegations against the Venice team. He claims the team illegally issued themselves $5.7 million worth of VVV tokens. More importantly, Amir alleged that this happened past the Coinbase listing, raising questions about this AI platform’s transparency.

In a detailed X post thread, the analysts claimed that the VVV team allegedly sold $450,000 worth of the tokens shortly after issuing these. He argues that the sales were conducted through a fresh wallet, “0xb6e08047320b4b4d943d7f1363776dddc6f4aa66,” which is controlled by multi-signature steps and the same signers as the platform’s multi-signer wallets.

Additionally, Ormu presented evidence that the wallet address held over $5M worth of VVV tokens and reported that the sale was executed via CowSwap. If this happened, CowSwap would have made the transaction less visible on traditional tracking platforms like DexScreener. However, these are just allegations and require further fundamental proof.

Did the Venice Team Really Dump These Tokens?

The credibility of these allegations was not proven at the time of publication, making them just unproven facts. However, the Amir Ormu report with proof points out the possibility. Moreover, another crypto analyst, Freedom, also shared similar findings past the Coinbase listing.

New wallet receives 1M VVV token and immediately starts dumping, has the same signers as the main team multisig.

Further, Freedom alleged that 25% of the 10% unvested team supply was already distributed days ago, raising suspicions of insider involvement.

Overall, the allegation seems severe, but the definitive proof and the Venice team’s comments on the situation are pending. The crypto community must wait for further updates. Interestingly, the VVV token is unaffected, implying the market’s unpredictability.

VVV Token Price Surged 70% Today

VVV token gained a listing on Coinbase and other exchanges almost immediately after launch. However, for the same reasons, Coinbase received criticism over its listing criteria, as investors awaited the platform’s listing of many potential tokens.

With this, the VVV price surged 2000%, making a crypto trader $3.16M. However, the market’s volatility soon followed, crashing the Venice token’s price. Today, however, is different, as the price surged 70%.

It currently trades at $5.3, with a market capitalization of $128M. This surge has come against the dumping controversy, as the AI crypto witnessed high investor interest. Its trading volume is $155.38M, after a 111% surge in the last 24 hours. Despite the surge, the VVV token is 75% away from its prime of $19.38, set just seven days ago.

Final Thoughts

The expert’s allegation has put the crypto community in a tight spot, claiming a trending AI crypto is involved in illegal dumping. However, the lack of crucial proof gives uncertainty around it. Surprisingly, the VVV token price remains unaffected by the chaos. In the last 24 hours, its price has surged 70%, and more might come with high trading volume. However, the crypto market’s uncertainty may put the token in a challenging situation, so investors must monitor it continuously.

Disclaimer: This blog is for information purposes only and does not provide financial, legal, or investment advice. The claims about the Venice AI platform are based on allegations made by a third party, and CoinGape does not have any personal comments on that. The sole purpose of this blog is to provide information, so investors must do their own research and wait for further updates on the situation before making any conclusions.