Odaily Planet Daily News CoinSnacks released a report questioning the reasons for the rise in the share price of DeFi Technologies (stock code: DEFI). It said that the company conducted a series of promotional activities, including paid emails and influencer activities, to increase the company's media exposure, and also obtained the support of Anthony Pompliano and Will Clemente, two cryptocurrency investors whose market analysis company Reflexivity Research was acquired by DeFi Technologies in January. CoinSnacks said: "With the promotion of KOL and being mentioned on CNBC, in addition to email promotion and high-profile marketing activities, this series of strong evidence shows that the rise of the stock is not for the right reasons." On Monday before the report was released, DEFI was reported at 3.3 Canadian dollars, up 202% since May 31. As of the close of Tuesday, the stock had plunged 35% to 2.24 Canadian dollars per share. DeFi Technologies responded to the CoinSnacks report in a public press release on Wednesday, calling it "defamatory, selective, inaccurate" and containing "misleading statements" about the company's practices and financial condition. The company speculated that the report may have been commissioned by short sellers who wanted to drive down the stock price. DeFi Technologies said that on June 10, a Canadian investment bank approached the company with a $15 million acquisition offer. The company said this was a very low number given the company's newly acquired financial strength. On the same day, the company reported that its funds alone were worth $60 million, of which $7.9 million had been converted into Bitcoin. DeFi Technologies further pointed out: "The company believes that the coordinated operations of short sellers and the publication of misleading reports about listed companies constitute market manipulation." (Decrypt) Earlier on June 10, DeFi Technologies (OTCMKTS: DEFTF) announced that it would adopt Bitcoin as the main reserve asset for its treasury, with a total holding of 110 BTC, worth about $7.7 million.