STBL Sell-Off Sparks Insider Trading Allegations and Market Panic
STBL token plummeted over 80% following large, coordinated sales linked to early traders, sparking insider trading concerns.Summary
The STBL token, part of a stablecoin protocol, has plummeted over 80% from its peak, dropping to around $0.11. On-chain data from Bubblemaps revealed that five large addresses, linked to early trading profits, sold off their entire holdings, netting approximately $17 million. This activity has fueled market panic and allegations of insider trading, with some users calling the sellers "snipers."
STBL's CEO, Avtar Sehra, supported the insider trading speculation, calling the sales "orchestrated and professional accounts." However, the STBL team publicly denied internal involvement, assuring the community that treasury operations are transparent and that no team allocations or vesting schedules have changed. They also stated that tokens vesting this quarter will not be minted.
Despite the crisis of confidence, the project plans to mint 100 million USST in Q4 and launch a repurchase and staking program by the end of October to stabilize the token. Technically, analyst Michaël van de Poppe suggests the token might be forming an accumulation zone near $0.09-$0.10, but a sustained uptrend requires recovered market volume and new capital.
(Source：BeInCrypto)