The Salman Khan launched crypto currency GARI experienced a massive slump as it dropped down to 90%, from $0.75 to below $0.1 earlier this week. According to reports, the volume too has experienced a massive drop. While there were rumours that this plunge experienced by the crypto currency was possible due to hacking, the Chingari Network of GARI currency released a statement on social media denying these claims.
As per recent reports, a large investor sold GARI worth $2 million which caused this drastic crash. There are also Coinmarketcap reports claiming that the trade of tokens worth $56.43 million in the past few hours further caused the currency rate to plunge. The fall of the currency was first observed on Monday where an 87% fall was experienced in the currency rate which dropped from $0.75 to $0.1 but it experienced a slight increase later to $0.132 by Thursday.
However, following this massive fluctuation of the crypto currency rate, there were rumours claiming that hack was responsible for this massive decline, which further led to panic. However, denying those rumours, a statement was issued by GARI (Chingari Network) on their Twitter handle where they shared a note saying, “We at GARI network announce that after a thorough evaluation there has been NO hack identified on the tokens’ side & so far this looks like a market event. We assure our community that ALL tokens are safe in the respective reserves. We are in constant touch with the exchanges & assessing the situation. We humbly request all the community members NOT to panic. We will keep everyone posted on further development.
We at GARI network announce that after a thorough evaluation there has been NO hack identified on the tokens' side & so far this looks like a market event.
We assure our community that ALL tokens are safe in the respective reserves. (1/2) pic.twitter.com/4Pb0Fe3VKo
— GARI Network (DAO) ? (@GariToken) July 4, 2022
For the uninitiated, Salman Khan was one of the first Bollywood actors to enter the world of crypto currency with GARI and extend his association with Chingari Network.
Also Read: Salman Khan launches India’s first social token Chingari’s ‘$GARI’ and its NFT Marketplace
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