ONDO Project Team Faces Heat for Tanking Token After Suspected Dump

In a recent tweet on X (formerly Twitter), an X crypto enthusiast flagged a series of suspected ONDO sales by the project‘s team as the reason behind the token’s sudden steep decline in the early hours of Tuesday and Monday. The alleged sales followed an upward trend in the tokens price the previous week.

In what began on January 22, the X crypto enthusiast flagged a series of transactions from two wallet addresses associated with the projects multi-signature. Specifically, the user reported that millions of ONDO tokens were transferred from the multi-sig to the two wallet addresses.

In the latest transaction, the user noted that over 40 million ONDO tokens were sold in the late hours of Monday. Following the transfer, the user stated that the tokens price fell by 15% before making a slight recovery. At the time the post was made, the token was trading at $0.261.

Furthermore, the investigation by the user showed that the two wallet addresses distributed the 40 million ONDO tokens to Coinbase, Gate, and Bybit. The transferred tokens are worth a collective $10.44 million. According to the user, the two addresses still hold 106 million tokens, accounting for 7.79% of the total circulation.

Meanwhile, the same X user pointed out a suspected 20 million token sale by the project‘s team on Monday. As noted in that post, a certain wallet address received 50 million ONDO tokens from the project’s multi-sig address worth $10.97 million. 10 million of the received tokens were then sent to Gate and Kucoin.

Turning to CoinMarketCap, data shows that the ONDO tokens price has fallen steeply in the past hours. The token is down 10.13% in the past 24 hours as of press time. However, on the broader seven-day chart, the token is up 40.40%.