BinaryX (BNX) Drops Over 50% in One Day Amid Rumors of Team Selling Treasury Coins

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BinaryX’s native token, BNX, a developer of play-to-win (P2E) games, has fallen more than 50% in one day. The Binance Labs investor token fell from a peak of $175 to $63 in the past 10 days after rumors of the development team selling treasury tokens.

According to rumors, more than four million BNX tokens were allegedly dumped per hour on Binance by the BinaryX team. However, the development team later addressed the rumors in a blog post, refuting the claims and confirming that the team did not sell any tokens.

The team then announced that they were launching a buyback plan to stabilize the token’s price. Surprisingly, BinaryX has been one of the best performing tokens this year, gaining more than 1,000% amid the bear market chaos.

BinaryX, in file blog post, claimed that it did not take any liquidity from the liquidity pools, and that the liquidity it added a year ago was not touched in the pool. The game’s developer refuted the rumors, calling them “false and baseless”.

The Binance Labs investor shared his portfolio address to back up his statement and promote full transparency amid fear and uncertainty. Encourage readers and their community to rate their moves liquidity portfolio.

BinaryX claims that the current fluctuations in token prices are caused by market panic and speculation following the team’s plan to unlock tokens. They reportedly reached out to the community about unlocking the token on their social media channels days before the event. BinaryX claimed that this was normal behavior for a gambling investor.

The developer team has announced that it will launch two rounds of DAO voting to decide on a buyback damage control solution. BinaryX aims to use the $6.5 million in revenue obtained from the Champions Auction to buy back BNX tokens and stabilize the price.

DAO voters can choose two options on how the developer team will buy back tokens using the winnings from the Hero Auctions.

The first option suggests that the team gradually buy back BNX tokens from the secondary market and burn all the tokens purchased.

The second option proposes using 6.5 million BUSD to buy back BNX from the upcoming opening event on December 9th in advance. BinaryX will then burn all tokens purchased, and return BUSD to users.

Developer CyberDragon is confident it will extricate itself from the situation, claiming it’s not its first rodeo.

BinaryX’s token, BNX, has been one of the best performing assets this year. Unlike Ethereum and Bitcoin, which have both fallen more than 50% this year, BNX is up 10x. It’s rare to see a project care about its community in the crypto space, trying to drive away panic and encourage developments and transparency.

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