Kadena Team Allegedly Shorted KDA Before Closure, Price Plummets 60%
The recent announcement of Kadena's shutdown led to a dramatic plunge in the KDA price, falling over 60% within hours. This triggered a massive sell-off as investors reacted to the unexpected closure.
Key Points on Kadena Scandal
- Kadena employees allegedly shorted KDA with leverage before the shutdown, profiting tens of millions.
- Reports suggest internal manipulation facilitated by crypto exchanges.
- Kadena founders faced personal legal issues over funding transparency.
- Claims of non-functional blockchain and exaggerated partnerships raise legitimacy concerns.
- Ties between leadership and affiliated companies point to potential misconduct.
- Allegations of profits from selling large amounts of KDA tokens near peak prices.
Kadena Shutdown Details
- Kadena confirmed the cessation of all business operations but stated the blockchain would continue independently.
- The closure attributed to market volatility and challenging conditions.
- Emphasis on future governance by independent miners and maintainers.
- 566 million KDA earmarked for distribution as mining rewards through 2139.
- 83.7 million tokens set to unlock by November 2029.
This series of events has raised significant questions about the internal practices and transparency of the Kadena project. Investors are urged to consider these factors when evaluating their investments.