Crypto: Matrixport Claims Innocence Against Manipulation Allegations

Recently, Matrixport found itself at the center of controversy. As the price of the flagship cryptocurrency, Bitcoin (BTC), surprisingly fell by 10 %, the firm faced allegations of market manipulation. This was due to the release of a report. Accusations that are rejected by its co-founder, Jihan Wu!

Jihan Wu denies cryptocurrency market manipulation accusations…

Did Matrixport deliberately contribute to the recent downturn in cryptocurrency market valuation as it stands accused? The answer is an emphatic “no” according to Jihan Wu.

This Thursday, January 4, 2024, the responsible party went on the offensive to respond to allegations of market manipulation that have emerged within the crypto community. Accusations related to a controversial report on Bitcoin (BTC), published by the company.

It turns out that the document is being fingered as the trigger for the substantial drop of about 10 % that Bitcoin experienced on Wednesday, January 3. A tumble that, according to many, would have been deliberately caused by the firm.

On X (formerly Twitter), Jihan Wu categorically rejected the idea that Matrixport could have deliberately triggered the market collapse through its report. A study that speculated on the fact that the SEC would reject the anticipated requests for Bitcoin Spot ETFs.

Was The Bitcoin Crash Planned? Matrixport Founder Clears The Airhttps://t.co/Sg48gW0QXn #CryptoX #BTC

— Rami. (@ThrilledBe) January 4, 2024

Without any factual basis!

It is true that the decline in Bitcoin’s valuation coincided with the publication of the report. Hence the speculations in the crypto community about an intentional manipulation of the market.

However, Jihan Wu vehemently opposes even the possibility of such a scenario. According to him, it is impossible for the financial platform to manipulate the cryptocurrency market, given its status and position.

He also clarified that the company relies solely on public information for its analyses. Not to mention, he adds, that the firm does not receive confidential information from U.S. regulators.

Furthermore, Jihan Wu clarified the sudden shift in Matrixport’s stance from bullish to bearish. On this point, the executive explained that the company’s analysts adapt to the dynamic and uncertain nature of the crypto industry. He concluded by emphasizing the need to adjust to the dynamics of the ever-evolving crypto market.