TechFlow reports that LeverFi has released the investigation results regarding the volatility of the LEVER token. The LEVER token experienced significant market fluctuations around 04:45 UTC on June 12, dropping as much as 40% within two hours.
The investigation confirmed there were no security or smart contract vulnerabilities; therefore, the market fluctuation was likely caused by market-related activities.
The findings point to a short-term short-selling attack attempting to manipulate LEVER's price movements in Binance's futures market. The report suggests the volatility was likely triggered by a large speculator or cartel trying to manipulate the LEVER trading market.
On Binance spot and Bithumb exchanges, buy and sell volumes were balanced, with the number of buy transactions even exceeding sell transactions, indicating a normal and active trading environment.
