HomeBlockchainSecurityChainlink: a scam to manipulate the price?

Chainlink: a scam to manipulate the price?

As mentioned in a recent report by AnChain.AI, which deals with security in the crypto world, Chainlink may be subject to some scam operations which manipulate the volumes of the LINK token.

As a matter of fact, on the basis of the graphs analysed, it is possible to see what in the jargon of the industry are called pumps & dumps.

AnChain.AI has analysed the trading of the LINK token from April 1st until July 26th and would have discovered the presence of different addresses operating at specific intervals in order to trigger the pump & dump of the token.

chainlink scam

These techniques would have raised the price of LINK above $4: the token had reached its peak on June 29th, a couple of weeks after the announcement of the integration by Google, whereas now the token does not exceed the value of $2, with a market capitalisation which has fallen to $600 million.

As for the team, CEO Sergey Nazarov expressed his regret for the problem, explaining that the Chainlink team can do nothing to avoid this type of scam.

However, it is worth remembering that the developers seem to have sold as many as 700,000 LINK tokens at market prices.

Alfredo de Candia
Alfredo de Candia
Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.