In recent months, the blockchain and cryptocurrency industry has been rocked by allegations of market manipulation by Sam Bankman-Fried and his companies, Alameda Research and FTX Japan. The allegations, which include potential market manipulation of two cryptocurrencies, TerraUsd and Luna, as reported by the New York Times, have led to Mr. Bankman-Fried being investigated by US federal prosecutors.
However, what has not been widely reported is the alleged manipulation of NuCoin, the native token of NuGenesis platforms. The company has conducted extensive research and gathered substantial evidence that points to Alameda Research and FTX Japan’s involvement in the manipulation of NuCoin.
NuGenesis Network, an Australian blockchain company, was pushing forward in its mission to become a leading blockchain and meta-innovation company, despite suffering significant losses due to the alleged market manipulation activities. The company was actively seeking new partners who shared its values and vision for a more secure and transparent ecosystem.
The controversy around Alameda and FTX Japan intensified when NuGenesis accused Alameda of effectively destroying confidence in the project and preventing genuine buyers, including NuGenesis, from restoring the price of the coin. The situation escalated when NuGenesis claimed that Alameda confirmed that they had dumped 200,000,000 NuCoins on the market.
CEO Hussein Faraj, along with BitBoy, played a crucial role in ensuring SBF and FTX crimes were uncovered. The company has now identified several potential legal claims, against both Alameda research and FTX Japan, including breach of contract, breach of implied covenant of good faith and fair dealing, conversion, tortious interference, fraudulent inducement, fraud, and RICO. With the help of legal experts, NuGenesis aims to prove its claim against Alameda Research and FTX Japan and receive compensation for the damages it has suffered, estimated at between $76 million and $4 billion.
NuGenesis is not only seeking compensation for the financial damages it has suffered but also for the reputational damages it has incurred as a result of Alameda Research and FTX Japan’s actions. The manipulation of NuCoin has caused significant harm to the company’s reputation, impacting its ability to attract new investors and partnerships.
As part of its efforts to create a more transparent and secure ecosystem, NuGenesis is proposing major changes to its network, including the decentralization of its entire nodes while maintaining proof of authority and working towards a major relaunch of all services. The company is committed to bringing justice to the industry and ensuring the integrity of the blockchain and cryptocurrency markets is maintained.
Despite the setbacks, NuGenesis was pushing forward in its mission to become a leading blockchain and meta-innovation company. The company was actively seeking new partners who shared its values and vision for a more secure and transparent ecosystem. Faraj and his team were determined to bring their proposed changes to fruition and establish NuGenesis as a leader in the blockchain and cryptocurrency industry.
The manipulation of NuCoin had a significant impact on NuGenesis and the broader blockchain and cryptocurrency industry. NuGenesis had suffered substantial financial and reputational damage, and the industry had lost trust in the integrity of the market. NuGenesis was determined to hold Alameda Research and FTX Japan accountable for their actions and send a message to the broader blockchain and cryptocurrency industry that such manipulative practices will not be tolerated.
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
Source: https://nulltx.com/nucoins-phoenix-like-rise-the-story-of-nugenesis-networks-resilience-amidst-market-manipulation-litigation/