Axis Robotics severs ties with OTC firm following AXIS token sell-off

Axis Robotics has announced it is halting all new transactions with an over-the-counter (OTC) trading company following a sharp sell-off of its AXIS token. The project team suspects the intermediary orchestrated the market decline by dumping tokens through hundreds of new addresses and exchange deposit routes shortly after delivery.

According to blockchain investigator ZachXBT, an entity received 42 million AXIS tokens from the team's multisig wallet and converted them into approximately 5.04 million USDC via decentralized exchanges, contributing to a 40% price drop. While ZachXBT suggests insider involvement, Axis Robotics maintains that the tokens originated from the ecosystem allocation and that the intermediary violated the terms of their written agreement.

Axis Robotics confirmed that 835 million AXIS tokens, representing 83.5% of the total supply, remain locked in a contract. The company stated it is reviewing the matter with legal counsel and will transition all future ecosystem deployments to on-chain unlocking agreements.