Insiders Crash New Binance-Listed Altcoin By 40%

Axis Robotics, a robot-training-data company, launched its AXIS token on Binance Alpha on October 21; Binance listed it first, followed by Coinbase and Upbit. One seller then unloaded 42 million AXIS for roughly $5 million in a day, and the price fell about 40%, hitting post-listing buyers. Blockchain investigator ZachXBT said Axis insiders received more than 76 million tokens from a team wallet and swapped most for USDC, a dollar-backed digital coin, on decentralized exchanges, with some sent to Bitget. Axis denied selling team or investor tokens, said it sent community-fund tokens to an unnamed over-the-counter firm under a written lock-up, and argued the sales pattern suggested that firm sold them; Axis said it cut ties and hired lawyers.