Although the price of modular blockchain leader Celestia’s token TIA has fallen 70% from its historical high in February, it has not dampened investor expectations for it. We have previously disclosed that the Celestia Foundation raised US$100 million in the latest round of financing, showing that the market continues to maintain confidence in these new innovations that occupy the top positions in their respective fields. However, KOL Sisyphus revealed the fact that this time it was just financing to package the foundation's OTC shipments. It was even more shocking that these tokens may be unlocked in large amounts next month. As soon as the news came out, the original good news suddenly changed. .
(TIA shrank by 70%, but the Celestia Foundation still successfully raised $100 million in new funds)
Good VC or fake VC? Placeholder’s involvement in the OTC controversy is even more ironic
Shortly after Celestia officially announced the financing, Sisyphus said on Twitter: "This was an over-the-counter transaction that the foundation completed a few months ago at a valuation of $3.5 billion. I think it will also unlock in October."
This round of financing was led by Bain Capital Crypto, with participation from Synracy Capital, 1kx, Robot Ventures, Placeholder and other institutions. After raising US$100 million in this round of financing, Celestia’s financing amount will reach US$165 million.
He later added: "If investment institutions sell tokens at a price of $7.5, they will break even. I personally don't think TIA will reach a price of $7.5 in October, but Nick White (Celestia Chief Operating Officer) is Try your best to prove me wrong."
Placeholder is also a participating institution in this round of financing, but its co-founder Chris Burniske has only joined the community on Twitter. It is pointed out that what the community hates are fake venture capital investors who only think about maximizing profits, but high-quality venture capital investors who are willing to provide assistance to new startups are often not active on the Internet. Now that the agency is also involved in the OTC suspicion, his statement is particularly ironic.
(Are you seeing good venture capital or “fake venture capital”? The founder of Placeholder pointed out the ignorance of the masses)
Is it financing or OTC? According to the time of the news, the institution has locked positions, but not much.
Sisyphus stated that this OTC transaction will be unlocked in October. According to Token Unlock data, 175 million TIAs will be unlocked on October 30, accounting for 16% of the total supply. Later, he also forwarded an article that accused Celestia’s token economics of being nonsense, with 25% of the tokens not vested at all. According to the official token economics, there should only be 269 million tokens in circulation at the time of creation, but in fact there were 481 million tokens in circulation initially.
The post also called out some suspicious addresses that received a large amount of tokens during the airdrop, and some of them had sold tokens, making a converted profit of about $6,600. After comparing the information, the author of this post believes that some of it does belong to the foundation.
In fact, Sisyphus’s revelation may not be groundless. He revealed the news of Celestia’s upcoming financing as early as September 7, and the official announcement was only made on the 24th. Interestingly, the Web 3 data platform Rootdata has defined this transaction involving US$100 million as OTC (over-the-counter). From Sisyphus stating on the 7th that "the transaction is nearing completion" to the unlocking at the end of October. It can only be said that there is a lock-up, but not much.
The opinions of the community are that they believe that the foundation’s tactics are misleading retail investors. What was originally positive news about large-scale financing has turned into negative news about large-scale shipments by the foundation. While we’re not yet sure what the exact impact of this unlock will be, the Foundation may need to spend more time rebuilding trust with the community.
However, it is not new for institutions to buy coins at the secondary level and pretend to participate in financing, but this mostly happens on platforms such as Rootdata that mark financing relationships. Therefore, as a media, in addition to examining the financing amount and institutions, we also examine the financing rounds. This incident will cause discussion mainly due to factors such as the huge amount of financing, doubts about the ownership of the tokens, and the official announcement of the foundation.
(Venture Capital Pantera holds a 40% discount on TON locked up for one year, and the Telegram case has made investors worried)
This article: Foundation wraps OTC with financing? The Celestia token controversy caused distrust in the community first appeared on Chain News ABMedia.
