Event description #REX

Starting from October 1st, due to Bybit facing liquidation, Bitget requires the project team to configure excess liquidity depth for the token and has placed it on the watchlist.

On October 6th, the team detected abnormal sell orders on Bitget. The daily trading volume reached 630 million, far exceeding the previous average of less than 100 million. Market makers absorbed over 1% of the total sell order pressure.

On October 7th, the team observed continued selling, leading to a price drop that broke through the liquidity depth maintained by market makers. To stabilize the daily price, the team planned to replenish their positions at the end of the trading session. However, around midnight UTC+8, a series of large directional sell orders suddenly appeared on the order book, seemingly aimed at forcing the team to buy.

According to past market-making experience, Bitget has never encountered such abnormal selling pressure. Moreover, at that time, the token price had already fallen to historical lows. In the context of daily purchasing power being basically flat, this kind of aggressive selling and intentional ordering behavior is inconsistent with normal investor behavior.

We have reason to suspect that someone inside the exchange may know that the project team needs to maintain liquidity and price stability, and therefore is recklessly selling tokens at any cost.

The team has collected relevant evidence and is currently in communication with Bitget for further investigation.