Ampleforth Sold Out Its Tokens On the Bitfinex Tokinex IEO Platform In Just 11 Seconds

  • Ampleforth sold $5 million in tokens in just 11 seconds through Bitfinex’s IEO platform Tokinex
  • There are some controversies regarding the purchase of these virtual currencies

    Ampleforth (AMPL), the first token that is sold through the Bitfinex’s IEO platform Tokinex, was sold out in just 11 seconds. The information was released by Bitfinex on its Twitter account on June 13. The project was able to gather $5 million from investors through the Tokinex platform. There are some controversies around this IEO since there are some users that show that the token was almost sold out 8 minutes before sales began.

Ampleforth Sells AMPL In 11 Seconds

Ampleforth is a digital asset protocol that is being developed for smart commodity-money. Moreover, the platform received support from very important figures and investors, such as Brian Armstrong, True Ventures and Pantera Capital.

As mentioned before, in just 11 seconds, investors placed $5 million in funds to purchase the tokens that the project sold. The firm was selling just 10% of the total supply of tokens on this IEO.

Ampleforth CEO, Evan Kuo, said in a recently released statement that the token sale showed that the digital currency market needs more diversified assets. Indeed, the company explained that as the price of the digital currency fluctuates, the number of tokens that a trader holds is adjusted to meet the initial price target.

About it, Mr. Kuo commented:

“The success of this raise is a strong indicator of the market needing more diversified assets other than what currently exists.”

There are some controversies around this IEO. Some users informed that Bitfinex – in this case, Tokinex – sold the AMPL digital currency before time. Already 8 minutes before the launch time for the IEO, more than 90% of the tokens were already sold out. Apparently, the firm raised 574 BTC of the 614 BTC requested even before the token sale started, which raised concerns among the community.

Another Twitter user called CryptoTamil said that Bitfinex faked Ampleforth token sale by purchasing 80% or more of the tokens offered by Tokinex before the sale begun. The Twitter user claims that this happened to manipulate the price of the token when it is released to the market.

The community is complaining about these issues that could have a negative effect in the crypto market that is trying to become recognized, accepted and more mature.

Bitfinex is one of the largest exchanges in the market. As reported by CoinMarketCap, Bitfinex is the 39th largest cryptocurrency exchange in the market. It also has registered a trading volume of $288.25 million in the last 24 hours.

The crypto exchange has also been involved in other controversies in the past and this is the main reason why it is currently being investigated by regulators in New York. Apparently, the exchange used funds from the Tether (USDT) fund to cover up to $850 million in losses. Tether is one of the most popular and used stablecoins in the market and it is pegged to the US dollar.

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