Axis Robotics Responds to AXIS Token Sell-Off

Axis Robotics has released a statement addressing the dramatic decline in value of its AXIS token following a sell-off that reportedly involved a significant trading firm. The company disclosed that it has suspended all new transactions with the over-the-counter (OTC) trading partner implicated in the collapse, which occurred shortly after the token’s launch between October 28 and 29.

Details of the Token Release

Explaining the situation, the project highlighted that the tokens in question originated from their initial ecosystem allocation. Distribution to buyers, who may not be well-versed in cryptocurrency, was facilitated through an intermediary under a formal agreement that detailed essential terms.

The team indicated that the suspicious activity surrounding the sale, observed through the use of numerous new wallet addresses and deposit routes on exchanges immediately following token delivery, raised red flags. This prompted concerns over the intermediary’s role in the situation.

Token Lock and Future Measures

Axis Robotics has locked 835 million AXIS tokens, which accounts for 83.5% of the total supply, in a contract encompassing both team and investor allocations. The company plans to consult legal counsel to evaluate the existing agreement and explore its contractual options. Moving forward, any remaining ecosystem token deployments will require compliance with new on-chain unlocking arrangements.

This incident illustrates the volatile nature of cryptocurrency markets and highlights the importance of ensuring secure and transparent intermediary relations.

Note: This is not investment advice.