Plunge

DeFi

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<div class="intro-text">
 DeFi Technologies Inc., a Canadian company issuing DeFi exchange-traded products (ETPs), has vehemently denied allegations of questionable practices aimed at artificially inflating its stock price.
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The response comes after a report from the crypto-focused newsletter CoinSnacks, which accused the company of engaging in email campaigns and paying influencers to promote its stock, leading to a 3,400% surge in its value over the past year.
Notably, following the publication of a report on June 18, DeFi Technologies’ stock plummeted by nearly 28% and closed at 3.10 CAD. The decline continued the following day; the stock dropped to 2.24 CAD, representing a 27.7% decline, before slightly recovering on Wednesday, closing at 2.30 Canadian dollars,<a style="color: #0000ff;" href="https://ca.finance.yahoo.com/chart/DEFI.NE#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-" rel="noopener noreferrer nofollow"> according to Yahoo Finance</a>.
In a<a style="color: #0000ff;" href="https://www.newswire.ca/news-releases/defi-technologies-responds-to-misleading-short-and-distort-report-880790103.html" rel="noopener noreferrer nofollow"> recent press release</a>, DeFi Technologies denounced the report as “defamatory” and “misleading,” accusing CoinSnacks of being “commissioned by short-sellers” to manipulate the stock price – a claim that CoinSnacks has refuted.
The CoinSnacks<a style="color: #0000ff;" href="https://www.coinsnacks.com/p/defi-technologies?__cf_chl_rt_tk=KQLpIfE31gb8jhE9XROGmnuxiRELOksUzRoBC_jCnpo-1718879900-0.0.1.1-4265" rel="noopener noreferrer nofollow"> report</a> had alleged that DeFi Technologies used its acquisition of Reflexivity Research, a joint venture involving high-profile crypto figures Anthony Pompliano and Will Clemente, to boost its publicity through promotional emails and endorsements.
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 “Between the influencer pumps, getting mentioned on CNBC, the email campaigns, and Pomp pomping, there is now strong evidence that the stock isn’t rallying for the right reasons,” 
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the CoinSnacks report read.
DeFi Technologies criticized the CoinSnacks report as a “short and distort type” of report and claimed it was part of a coordinated effort by short-sellers to depress its stock price.
The company also revealed that a Canadian investment bank had approached it for a potential bought-deal offer of US$15 million, which it found suspicious due to its strong treasury position and the potential for market manipulation by short-sellers.
DeFi Technologies<a style="color: #0000ff;" href="https://www.newswire.ca/news-releases/defi-technologies-responds-to-misleading-short-and-distort-report-880790103.html" rel="noopener noreferrer nofollow"> stated</a> that it had contacted the Canadian Investment Regulatory Organization about the bank’s offer and warned of the potential for market manipulation by short-sellers.
However, CoinSnacks has<a style="color: #0000ff;" href="https://twitter.com/CoinSnacks/status/1803498436173414591?t=a1_JfqV2BY4YRLKl2QoaqQ&amp;s=19" rel="noopener noreferrer nofollow"> defended</a> its report, stating that no short-sellers had paid for it and that its team did not hold any positions in DeFi Technologies stock.&nbsp;
“We stand by our reporting and we’ll leave it at that. We welcome anyone to further investigate and make their own judgment”,<a style="color: #0000ff;" href="https://twitter.com/CoinSnacks/status/1803498436173414591?t=a1_JfqV2BY4YRLKl2QoaqQ&amp;s=19" rel="noopener noreferrer nofollow"> CoinSnacks noted</a>.
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The post <a href="https://defi-planet.com/2024/06/defi-technologies-denies-allegations-of-stock-price-manipulation-amid-28-stock-plunge/" rel="noopener noreferrer nofollow">DeFi Technologies Denies Allegations of Stock Price Manipulation Amid 28% Stock Plunge</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

DeFi Technologies Denies Allegations of Stock Price Manipulation Amid 28% Stock Plunge

DeFi Planet

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