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Cryptocurrency News Articles
EigenLayer Investigates Unauthorized Sale of 1.67M EIGEN Tokens
Oct 05, 2024 at 04:18 am
EigenLayer, announced an investigation into an unauthorized sale of 1.67 million EIGEN tokens, reportedly dumped through MetaMask at around $3.3 each.
EigenLayer is investigating the unauthorized sale of 1.67 million EIGEN tokens, which were reportedly dumped through MetaMask at around $3.3 each, according to blockchain analytics firm Arkham Intelligence.
The tokens were sold from a wallet funded by EigenLayer's multi-signature Gnosis Safe, according to Arkham.
The sale appears to have violated EigenLayer's strict one-year lockup schedule for employees and early investors, which began with the EIGEN airdrop on May 10, 2024.
According to the protocol, employees and early investors are prohibited from selling or staking EIGEN tokens received from Eigen Labs until September 2025. After that, only 4% of each recipient's tokens will unlock monthly, with full vesting set for September 2027.
The tokens were transferred from an EigenLayer team wallet before being sold via MetaMask, according to on-chain sleuth Lookonchain.
The tokens were sold in multiple transactions, with the seller paying a total of around 1,200 EIGEN — roughly $4,000 — in MetaMask gas fees, according to Lookonchain's analysis of the transactions.
The transactions were flagged as suspicious by Arkham due to the large volume of EIGEN tokens being sold from a known EigenLayer team wallet, according to the firm's analysis of the on-chain activity.
EigenLayer unlocked its LIQ token on Oct. 1, which propelled it into the top 100 tokens by market capitalization with a fully diluted valuation of $7.2 billion. The token generated interest due to its strong launch performance, which saw EIGEN climb into the top 100 tokens by market cap.
However, the unusual selling activity has sparked internal debate within EigenLayer's team over token distribution and security protocols, according to sources close to the matter.
EigenLayer did not immediately respond to a request for comment on the investigation.
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