๐ก๏ธ ๐ฆ๐ข๐ข๐ก ๐๐ผ๐๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป ๐ฆ๐ฝ๐ฒ๐ฎ๐ธ๐ ๐ข๐๐ ๐ผ๐ป ๐๐ฟ๐ฎ๐๐ต: โ๐ก๐ผ ๐ง๐ฒ๐ฎ๐บ ๐ฆ๐ฒ๐น๐น-๐ข๐ณ๐ณ, ๐ฃ๐ฟ๐ผ ๐ง๐ฟ๐ฎ๐ฑ๐ฒ๐ฟ๐ ๐๐ฒ๐ต๐ถ๐ป๐ฑ ๐๐๐๐ฎ๐ฐ๐ธโ
โค On July 10, the SOON Foundation officially addressed the sharp price drop on July 5, firmly stating that:
โ The SOON team, Jump Crypto, and Amber Group (official market makers) did NOT sell or participate in the dump.
โ They published wallet addresses for transparency.
๐ง What really happened?
The foundation believes the crash came from professional traders who:
๐ธ Made coordinated withdrawals across exchanges
๐ธ Dumped tokens quickly across spot markets
๐ธ Likely used short-selling strategies to profit from price drops
These attackers targeted the liquidity gap: deep liquidity in perpetual contracts vs. thin spot liquidity, especially on Korean exchanges โ making it easier to move the price.
๐ง Next steps:
The SOON team said theyโre now working on:
โ๏ธ New countermeasures
โ๏ธ Structural solutions to prevent similar attacks in the future
โ In short: The team says it wasnโt insider selling โ instead, it was a planned move by experienced market players exploiting weak spot liquidity.