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

Published on:

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.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.