Concerns About Market Manipulation Cause Tellor’s TRB Liquidations to Rise Over $70 Million

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Last Updated on January 1, 2024 by Bitfinsider

According to CoinGecko data, the Tellor native token, TRB, saw a startling 70% decrease on January 1st from its peak of $600 earlier in the day. According to cryptocurrency tracking site Spot On Chain, whales liquidated large amounts of their long and short positions, which caused market turbulence.

CoinGlass reported $233 million in liquidations in the last 24 hours, of which TRB accounted for more than $73 million.

Remarkably, with nearly $15 million in TRB shorts opened on the exchange as of December 31, HTX (previously Huobi) became the top dumper of TRB positions. With $12.1 million and $6.69 million, respectively, OKX and Binance came next. Spot On Chain notes that while on-chain activity was limited during the pump-and-dump scam, a TRB whale controlled the majority of liquidity, indicating that this significant price movement may be a sign of market manipulation.

The Tellor team had not released a comment to the public as of the time of publication.

Developed on the Ethereum blockchain, Tellor is a decentralized oracle network that was introduced in 2019 with the goal of offering a decentralized substitute for acquiring real-world data that smart contracts can utilize. By requiring participants, or miners, to stake the project’s token, TRB, in order to submit and validate data, the Tellor network rewards participation.


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