In a surprising turn of events, the cryptocurrency market is abuzz with allegations of price manipulation as Korean traders appear to be at the center of a sudden surge in IMX (Internet of Money) token prices. On the 10th of September, 10.95 million IMX tokens, equivalent to $8.1 million, flowed into Upbit from various cryptocurrency exchanges including Binance, OKX, Bybit, Cryptocom, and Gate. This massive inflow caused the price of IMX to skyrocket from a mere US$0.56 to a staggering US$1, leaving investors and experts baffled.
Korean Traders Making Waves
The cryptocurrency community was taken by surprise when it became evident that Korean traders were making significant moves in the IMX market. Such substantial price fluctuations are often a sign of market manipulation, and the sudden influx of IMX tokens into Upbit raised many eyebrows.
Some industry insiders have even gone so far as to claim that Upbit, one of the oldest cryptocurrency exchanges in South Korea, has a history of manipulating markets dating back to the 1990s. However, these allegations have yet to be substantiated.
Suspicious Activity on the Blockchain
Apart from the substantial inflow of IMX tokens into Upbit, there have been other indications of suspicious activity in the cryptocurrency market. According to data from etherscan.io, there was a noticeable negative net flow volume of tokens from Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs) approximately 8 hours prior to the IMX surge. This further fueled speculations of market manipulation.
Arrington Capital’s Puzzling Move
Adding to the intrigue surrounding this situation is the involvement of Arrington Capital, a prominent player in the cryptocurrency investment space. They made a surprising move by adding an IMX Liquidity Pool (LP) pair 20 hours before the surge. While this move could be purely coincidental, some observers have suggested that Arrington Capital might have had prior knowledge or insights that prompted them to take this action.