Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Neiro Cuts Ties with Controversial Market Maker Amid Community Scrutiny

Neiro Cuts Ties with Controversial Market Maker Amid Community Scrutiny

Cryptodnes2024/10/12 13:06
By:Cryptodnes

Neiro, a memecoin project previously linked to market maker Gotbit, has announced it is severing ties with the firm amid growing criticism from the crypto community, particularly from prominent investigator ZachXBT.

In its statement , Neiro clarified that the issues surrounding Gotbit do not pertain to its own operations. The project emphasized that distancing itself was a necessary step. To facilitate this separation, Neiro has transferred some funds back to its community multisig wallet.

Meanwhile, the Chief Technology Officer (CTO) plans to use personal finances temporarily to keep market-making activities afloat, as the team seeks reputable market makers for a smooth transition.

ZachXBT questioned the initial choice to partner with Gotbit, noting its poor reputation and recent accusations of fraud and market manipulation from U.S. authorities.

READ MORE:
Millennials Embrace Crypto as Key Investment Strategy, Says Charles Schwab

In response, Neiro’s CTO explained that the decision was made under pressure, as they needed a market maker quickly for their listing on HTX. He admitted that Gotbit was the only option available at the time, citing budget constraints and prior connections as factors influencing their choice.

Despite acknowledging Gotbit’s controversial standing, the CTO stated that limited funds and urgent timelines dictated their decision to collaborate.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

SCRTUSDT now launched for futures trading and trading bots

Bitget has launched SCRTUSDT for futures trading with a maximum leverage of 75, along with support for futures trading bots, on November 21, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. SCRTUSDT-M perpetual futures: Parameters Details Listing

Bitget Announcement2024/11/21 12:07

The results of the Solana Radar hackathon have been announced, and the decentralized currency exchange platform Reflect has won the championship

This competition brings together founders and developers from over 120 countries, dedicated to building products in areas such as infrastructure, gaming, decentralized physical infrastructure networks (DePIN), DAOs, DeFi, payments, and various consumer applications.

Chaincatcher2024/11/21 12:00

Solana Hackathon TOP 3, CAI | CharacterX will launch unrestricted AI infrastructure services

In the AI era, infrastructure is like the roads and bridges of the digital world, and what we are building is a highway leading to the infinite possibilities of AI.

Chaincatcher2024/11/21 12:00