Venice AI’s VVV Token Falls 50% Amid Insider Trading Allegations
The launch of Venice AI's VVV token faced a downturn, dropping as much as 50% due to insider trading allegations.
- Venice AI debuted on Monday on the Base network, aimed at providing private access to China's DeepSeek.
- The token's market capitalization surged from $20 million to $1 billion shortly after launch.
- It was listed on Coinbase, contributing to initial investor interest.
- Reports emerged of insiders profiting significantly before public announcements, leading to negative sentiment.
- Contributors from Aerodrome Finance reportedly turned a $50,000 investment into $1 million within an hour.
- Aerodrome Finance suspended the involved contributors following community backlash and initiated an internal investigation.