• Meld, a DeFi, non-custodial banking protocol, responded to allegations of foul play, stating no insider trading had taken place on its platform.
• On-chain analysis conducted by TapTools highlighted a series of large token sales and two associated addresses that sold but never bought MELD tokens.
• Meld stated that the address associated with the large token sales is owned by a private sale token holder and that they have no control over the actions of token holders.
Cardano protocol Meld has denied any wrongdoing following accusations of insider trading on its platform. On-chain analysis conducted by TapTools had highlighted a series of large token sales, as well as two associated addresses that had sold but never bought Meld tokens.
The wallet in question had sold tokens worth 1.24 million ADA, or about $405,000 at today’s price, with payments being credited monthly since September 2022. The two associated addresses had sold a combined 1.04 million ADA worth of Meld tokens. TapTools had questioned the source of these tokens, speculating they may have come from an insider.
In response, Meld has clarified that the address associated with the large token sales is owned by a private sale token holder, and that they have no control over the actions of token holders. The company has also denied any suggestions that staff members were involved and benefited from the token sales.
Meld also provided further information regarding the token sale process, stating that all tokens have been purchased through a KYC-compliant process. It also highlighted the importance of due diligence and risk management when engaging with any token sale.
In conclusion, Meld has denied any wrongdoing in response to the accusations of insider trading. The company has also provided additional information about the token sale process, reminding investors to always conduct due diligence and practice risk management when investing.