As reported by Lookonchain, at about 16:30 UTC on Dec 3, there were 3 addresses withdrawing $BNX from the BNX-BUSD Staking Pool, removed liquidity of $BNX from PancakeSwap, and transferred all $BNX to Binance and PancakeSwap for sale. They dumped a total of 15,832 BNX, equivalent to $1.9 million at that time.
The selling time of these three addresses is very similar and all of them first withdraw from the staking pool, remove liquidity, and then sell. It seems that three addresses belong to the same person. The massive sell-off caused BNX to plunge from $125 to $93 and brought panic to the market.
After that, there was another whale withdrew 61.6 $BNX from the BNX-BUSD Staking Pool and removed 14,464.6 $BNX liquidity from #PancakeSwap. Then he transferred all 14,526 BNX ($1.2M) to Binance, which dropped the price of BNX from $84.1 to $57.1.
There were rumors that it was the project that dumped BNX, the community was angry and asked BinaryX to report the incident and verify the wallet address. The project team reassured users, clarifying that no one in their team sells BNX and their projects are running smoothly.
However, the price of BNX continued to decline and it was not until Dec 4 when BinaryX announced to buy back BNX that the situation was under control. BNX has plummeted from the peak of $175 10 days ago and lost more than 50% of its value. At the time of writing, BNX is trading around the $62.5 mark.
BinaryX is a GameFi platform and Initial Game Offering (IGO) launchpad backed by Binance Labs. BNX is the native token of the project, BNX holders can participate in community governance as well as vote on important decisions. As of November 2021, BNX has a total supply of 21 million tokens and approximately 2 million BNX in circulation.
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