Altcoin Developers on Binance Explain Significant Price Decline – "Legal Proceedings Have Started"

Incident Overview: Nillion reported that the recent volatility in the NIL token price was due to an unauthorized sale by a market maker, who did not respond to the company's communications during or after the incident.

Company Response: Following the unauthorized sale, Nillion initiated a buyback process using treasury funds, worked with exchanges to freeze related accounts, and plans to take legal action against the responsible party.

Market Impact: The NIL token price dropped by 36.3% in 24 hours, trading at $0.118, significantly lower than its all-time high of $0.95 reached eight months ago.

Future Actions: Nillion stated that any funds recovered from the unauthorized sales would be allocated for further buybacks, emphasizing their proactive stance against such incidents in the crypto market.