CDC Token “Killed” By Malicious Members of its Own Team; CEO Loses $2 Million
16-11-2018, 20:00 57
Copyright on text and image: CryptoGlobe.com
The news was first reported yesterday by 8btc.
All information on the project's official website has been removed. Currently, the website only features a blank page with the following statement:
“Some community members have been found to maliciously manipulate the token price, so the team decides to dilute the value of tokens held by these bad actors . This move will lower the cost to hold tokens by the community and stimulate the market to grow healthy.”
Yang Ning, founder of the CDC and illustrious Chinese angel investor, expressed his regret about investing in the crypto space. Yang admitted during an interview for 8btc that he has lost $2 million with the CDC project and is not looking to invest in crypto tokens again.
During another interview for a Chinese blockchain news site, Yang admitted that 35% of tokens are in circulation and that 20% are being controlled by bad actors. The angel investor however, failed to answer a host of key questions, including who the bad actors are, why the CDC team disbanded, and how far the project progressed.
A total of 10 million CDC tokens were issued back in February. The token got listed on Huobi on May 21, only to be delisted recently on November 5. The delisting came after Huobi discovered that the CDC team had violated the rules of the exchange, as the total amount of locked CDC tokens was different from what was promised in the whitepaper.
The price plummeted after the announcement, and is now valued at $0,000045 after peaking at an all-time high of $0,000917 just last month.
Commerce Data Connection labels itself as the first blockchain-based decentralized global consumer sharing network. The future of the project is still unclear. Although the CDC token is still being traded at Lbank and ZB.com exchanges, it is possible that CDC will join the long list of dead crypto tokens.