WAX token focuses on the core scenario of virtual game asset trading, claiming to be used for purchasing and renting various game virtual equipment, while promoting the asset-saving attributes. With clear application scenarios, it quickly attracted the attention of a large number of retail investors, with the initial launch price reaching nearly 10,000 yuan per piece, generating extremely high enthusiasm in the early market.
One day before WAX officially launched on mainstream trading platforms like Huobi, the project party did not inform through any official announcements or regular channels like exchanges, and unilaterally modified the token address rules, expanding the total token supply from the originally planned 185 million to 1.85 billion, directly increasing the supply by ten times, which is a typical case of opaque operations.
After the trading went live, news of token over-issuance leaked, causing panic selling in the market, with the price plummeting by 82.5% on the first day. The downward trend continued, dropping another 56% the next day, 59% on the third day, and 50% on the fourth day, with the price crashing from nearly 10,000 yuan to just a few yuan in just a few days, resulting in an overall decline exceeding 99%.
Most investors entered the market due to their trust in its gaming application scenario and did not notice the regulatory risks posed by the project party. After the drastic drop in price, their assets were significantly diminished, almost leading to total loss, making it difficult to defend their rights. Although Huobi proposed temporary compensation for affected users, it could not recover the overall losses. This case has become a typical representative of counterfeit coins in the cryptocurrency circle relying on false scenario packaging and secretly over-issuing to harvest retail investors.
One day before WAX officially launched on mainstream trading platforms like Huobi, the project party did not inform through any official announcements or regular channels like exchanges, and unilaterally modified the token address rules, expanding the total token supply from the originally planned 185 million to 1.85 billion, directly increasing the supply by ten times, which is a typical case of opaque operations.
After the trading went live, news of token over-issuance leaked, causing panic selling in the market, with the price plummeting by 82.5% on the first day. The downward trend continued, dropping another 56% the next day, 59% on the third day, and 50% on the fourth day, with the price crashing from nearly 10,000 yuan to just a few yuan in just a few days, resulting in an overall decline exceeding 99%.
Most investors entered the market due to their trust in its gaming application scenario and did not notice the regulatory risks posed by the project party. After the drastic drop in price, their assets were significantly diminished, almost leading to total loss, making it difficult to defend their rights. Although Huobi proposed temporary compensation for affected users, it could not recover the overall losses. This case has become a typical representative of counterfeit coins in the cryptocurrency circle relying on false scenario packaging and secretly over-issuing to harvest retail investors.
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