There was reportedly a huge Skycoin selloff that occurred over the course of the last two weeks. Due to this, Skycoin prices fell sharply and there are believed to be also a number of other reasons for the decline in the coin’s price. Notably, certain incidents linked to the coin’s China marketing team could have had some effect on prices as well. Moreover, part of the impact is thought to be more “direct”, in addition to “uncertainty caused by these events.”

Some action has reportedly been taken to resolve these issues and prevent any more negative factors from bringing Skycoin’s price down further. The main factor that is responsible for falling prices is “the discovery that previous Skycoin China marketing team (EVOLAB) had embezzled approximately 100,00 Skycoins over the course of the past half year.” When the former marketing team refused to rectify the situation and return the funds, the coin’s developers ended their business relations with them.

Now, when it seemed that things couldn’t get any worse, on the morning of June 13th, nine people including the former marketing team’s members Sam Sing Fong, Mary Li , Xiangdong Yan, and Jesse Sun Fei are reported to have “burglarized” Synth’s residence. These nine individuals reportedly held Synth and his wife hostage for 6 hours. And, during this time the couple was beaten up and robbed. Luckily, because of their crypto wallet’s security features, the criminals were only able to steal 18.88 Bitcoins (BTC) and 6466 Skycoins. The robbers even tried, but failed, “to steal the design framework for the Skycoin ecosystem.”

Skycoin Investigation Underway

Presently, there’s an ongoing investigation into just how many Skycoins were actually stolen, while the addresse(s) to where the stolen coins were sent are also being investigated. To help protect the coin’s holders and traders, “a temporary black-listing function was implemented.” Whether or not this function will be used in the future is something for the coin’s community to decide collectively. In addition, most of the major exchanges that list Skycoin were informed of the incident and told to “freeze the accounts of the criminal suspects.”

What is be done with these frozen assets will be left to investigation team to decide. There has been a special legal team assigned to this incident and they will be releasing further updates on this unfortunate event.

For more information regarding all this, please visit:

https://www.skycoin.net/blog/statement/skycoin-team-status-update/

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