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 <p class="is-style-lead">Whales have allegedly wiped out both long and short positions in TRB, causing the token’s price to plunge from $600 down to $135 in a matter of a few hours.</p>
 <p>On Jan. 1, TRB, the native token of Tellor, suffered a staggering 70% decline from its all-time high of $600 earlier in the day, according to CoinGecko data. The <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> turmoil ensued after whales executed substantial <a rel="noopener noreferrer nofollow" title="liquidations" href="https://thebittimes.com/tag/liquidations.html">liquidations</a> of both long and short positions, as reported by crypto tracking service Spot On Chain.</p>
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   <img decoding="async" width="948" height="539" src="https://cdn.thebittimes.com/images/2024/01/01/20d8a3b31338a36295bc5215a31946d2.webp" alt="Tellor's TRB liquidations soar to $70m amid market manipulation concerns - 1"> 
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   TRB price in USD | Source: CoinGecko
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 <p>Over the past 24 hours, CoinGlass recorded a total of $233 million in <a rel="noopener noreferrer nofollow" title="liquidations" href="https://thebittimes.com/tag/liquidations.html">liquidations</a>, with TRB accounting for more than $73 million.</p>
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   <img loading="lazy" decoding="async" width="1014" height="535" src="https://cdn.thebittimes.com/images/2024/01/01/a1a1c266bc0d1b92de2184e67d6aece5.webp" alt="Tellor's TRB liquidations soar to $70m amid market manipulation concerns - 2"> 
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   Token <a rel="noopener noreferrer nofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a> heatmap | Source: CoinGlass
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Tellor up 39% from yesterday, analyst points to <a rel="noopener noreferrer nofollow" title="manipulation" href="https://thebittimes.com/tag/manipulation.html">manipulation</a>
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 <p>Notably, HTX (formerly Huobi) emerged as the largest dumper of TRB positions as of Dec. 31, with over $15 million in TRB shorts opened on the exchange. OKX and Binance followed, with $12.1 million and $6.69 million, respectively. Spot On Chain suggests that this dramatic price swing could be indicative of <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="manipulation" href="https://thebittimes.com/tag/manipulation.html">manipulation</a>, pointing out that a TRB whale controlled the majority of liquidity, while on-chain activity remained low during the pump-and-dump scheme.</p>
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    <p lang="en" dir="ltr">$TRB has skyrocketed by 75% ($500M <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap added) in just one day, with no significant changes since our last post.<br><br>The reported whale retains the majority liquidity, and on-chain activity remains low. Negative funding rates on most exchanges suggest the potential for… https://t.co/VjT9ZNmC2i pic.twitter.com/sfIVpLVC56</p>— Spot On Chain (@spotonchain) December 31, 2023
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 <p>As of press time, the Tellor team made no public statement on the matter.</p>
 <p>Launched in 2019, Tellor is a decentralized oracle network built on the Ethereum blockchain, which aims to provide a decentralized alternative for obtaining real-world data that can be used by smart contracts. The Tellor network incentivizes participants, known as miners, to submit and validate data through a process that involves staking the project’s token, TRB.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Tellor account compromised after price surge
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tellor-s-trb-liquidations-soar-to-70m-amid-market-manipulation-concerns-tbt75270.html">https://thebittimes.com/tellor-s-trb-liquidations-soar-to-70m-amid-market-manipulation-concerns-tbt75270.html</a></p>

Tellor’s TRB liquidations soar to $70m amid market manipulation concerns

TheBitTimes

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