The Evmos team has taken to Twitter claiming that a departed co-founder is trying to sell the tokens on the Osmosis exchange.
High token concentration with some specific wallets has always been a concern with various crypto projects.
The Evmos co-founder, who left the project over some disagreements, has been allegedly selling the tokens and causing panic among community members.
144,000 Evmos Tokens Sold
According to Web3 data analytics, Jessica, the co-founder has sold over 144,000 tokens since April 30. But, out of 9.4 million Evmos sold on the decentralized exchange (DEX) Osmosis, the co-founder’s selling makes up just 1.5% of the total tokens sold in the time frame.
The rest of the selling pressure could be due to the community panicking over the co-founder’s activity.
Evmos is an Ethereum Virtual Machine (EVM) project based on the Cosmos ecosystem.
Community Frustrated Over Huge Concentration of Tokens
In a Twitter thread, the Evmos team confirmed that a departed co-founder is selling from a wallet with over 34 million tokens. As of writing, the holdings of the co-founder are over $4.9 million.
The team did not name the co-founder, but from a GitHub link shared in the thread, suggests that they are talking about Akash Khosla.
Evmos wrote:
“We are actively working with this person to transfer the tokens back to the Evmos Foundation.
This is just one of the concerns brought up by the community that we want to actively address now and over the coming days with our transparency initiative plan next week.”
A frustrated community member wrote on Twitter:
Wow. Maybe don’t give a co-founder 34 million tokens in the first place, huh? That would have been a good way to prevent this.
First a botched launch, leaving some airdrop recipients unable to claim while others gloated over an insane APR. Now this.
Cosmos L1s have a lot to learn about cryptoeconomics — and human nature.
At press time, the EVMOS token is trading at $0.1456, down around 4.61% in the past 24 hours.
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