Skycoin has experienced a major sell-off over the past few weeks resulting in the fall of the product's market prices. Several factors have been held responsible for the reduced prices. One of the most notable factors is the events connected with the marketing team based in China. These events directly affected the Skycoin and also brought about uncertainty.

Fortunately, the team at Skycoin took initiatives with the bid of rectifying the situation. The status update is set to help clarify what the rumormongers have passing around about the impact and outline how the coin has been affected.

The Negative Events That Took Place in China

The negative events were triggered by the embezzlement of skycoins that took place in China. EVOLAB the Skycoin marketing team based in China embezzled more than 100,000 skycoins. These unfortunate events took place last year. The team did not account or return the embezzled coins resulting in termination of the connection they had with Skycoin.

On 13 June 2018, nine individuals from the marketing team broke into Synth's home. Sam Sing Fong led the team in holding Synth's family hostage for close to 6 hours. During this period, they caused the couple harm by beating them up and robbing them. The stringent security measures that had been taken by the wallet security team they only managed to steal 18.88 Bitcoins. They also stole 6,466 skycoins during the robbery. Fortunately, the gang's attempt to steal the design framework for the ecosystem belonging to Skycoin failed.

Skycoin authorities are still carrying out investigations to determine the amount and addresses of skycoins stolen. The team also established a black-listing function which was set to protect the skycoin holders. In addition, the accounts of the criminal suspects were temporarily frozen to allow thorough investigations to be carried out. The accounts created by EVOLAB on social media platforms were requested to move to the Skycoin’s website.

Final Thoughts

The Skycoin team has already frozen the accounts that hold the stolen skycoins according to information from the exchanges. This will help reduce the further negative impact on the market. Despite these positive initiatives taken by the team, some skycoin holders have been selling their coins with fear that the events might take place again. 30% of the market price has been successfully recovered.

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