TechFlow news, on July 10, the SOON Foundation issued another response regarding the price volatility of SOON, stating that neither the SOON Foundation, the project team, nor SOON's official market-making partners Jump Crypto and Amber Group participated in the incident on July 5, and disclosed the token holding addresses of the relevant parties. The SOON Foundation said the attacker carried out coordinated withdrawals and cross-CEX sell-offs, and given the timing and structure of this dump, it believes this was a premeditated action by a professional trading firm likely experienced in market making and employing a clear shorting strategy, aiming to exploit liquidity asymmetry—particularly between deep perpetual futures markets and thin spot liquidity on centralized exchanges (especially in the Korean market). The team is developing a series of countermeasures and structural solutions to address this situation.
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