DeFi Technologies Inc., an exchange-traded product provider, slammed a "derogatory" and "misleading" report that sent its shares down nearly 28% on June 18 and claimed the stock "wasn't rallying for the right reasons." CoinSnacks' report alleged that DeFi Technologies launched "suspicious email campaigns" and paid crypto influencers to promote the stock.

DeFi Technologies claimed that CoinSnacks' report was "worthless" and that it was "commissioned by short sellers" to deliberately drive the stock lower. DeFi Technologies' share price closed at C$3.10 on Monday and was up almost 320% year-to-date at that point.

CoinSnacks' report claimed that DeFi Technologies paid for an email and influencer campaign to promote its stock. The company has also allegedly received promotional support from high-profile crypto figures Anthony Pompliano and Will Clemente.

DeFi Technologies criticized CoinSnacks' "short and distorted" type of report, stating that it believed it could be a "coordinated effort" to devalue the share price "to cover short positions."

DeFi Technologies claimed it was "unsolicitedly approached" by a Canadian investment bank over a "potential $15 million purchased deal offer in US dollars." The company claimed that the bank admitted in court that it "had a history of acting for short sellers" and that a hedge fund "who did not know the Company at all" was involved in the deal.

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