Plasma founder denies insider selling after XPL token plunges over 50%

Plasma founder Paul Faecks denied insider selling accusations after XPL plunged over 50%, insisting no team tokens were sold as speculation grows.

Plasma founder Paul Faecks denied accusations of insider selling after the project’s native token, XPL, dropped by more than half its value over the weekend.  

On Thursday, Faecks rejected speculation that the team offloaded tokens into the market, stressing that investor and team allocations remain locked for three years with a one-year cliff. “No team members have sold any XPL,” he said.

XPL spiked to almost $1.70 on Sunday before tumbling steadily to $0.83 by Wednesday, erasing more than 50% of its value, according to TradingView data.

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