Umami Finance token crashes by over 50% as CEO dumps holdings
Decentralized finance protocol Umami Finance is in disarray as community members are unsure of the project’s future.Several members of the Umami team resigned in a move designed to push the project “back towards decentralization and a DAO structure,”.
The messages alleged that the protocol’s CEO Alex O’Donnell dumped his tokens on retail holders — blockchain security firm Peckshield confirmed this. On-chain data shows that the address allegedly belonging to the CEO dumped over 10,000 UMAMI tokens in the last 24 hours for thousands of dollars in several transactions. The dumpings led to the UMAMI token crashing by over 50% in the last 24 hours to as low as $4.56 from a high of $22, according to CoinMarketCap data.The token has slightly rounded to $15.38 as of press time.
Source
https://t.me/DeFi_Ethereum
