SEC Sues the Founder of an Altcoin – Mistaken for an Altcoin on Binance, Price of Wrong Altcoin Plummets

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Bitcoinsistemi2024/10/17 20:15

By:Mete Demiralp

Following the news that the SEC had filed a lawsuit against a cryptocurrency creator, a sudden increase in volatility was observed in the price of the wrong altcoin on Binance.

In the latest developments, the hot news was that the SEC had filed a lawsuit against Thor founder Matthew Moravec. Many media outlets incorrectly thought that this was THORChain (RUNE) and shared it as a lawsuit being filed against the RUNE founder.

However, when investigated deeply, it turns out that Matthew Moravec's project is a cryptocurrency called Thor Token, which the SEC had previously accused and which is why it shut down its project in 2019. The closure details were announced by the project's other founder, David Chin, in 2019.

On the other hand, the founder of RUNE, which is listed on Binance and has a market value of more than $1 billion, is known as John-Paul Thorbjornsen and revealed his anonymous identity just this summer.

Due to the misunderstanding, there was a serious fluctuation in the price of RUNE on Binance, but at the time of writing this article, it seems to have returned to the pre-news position.

As Bitcoinsistemi.com, we chose not to publish this news until the information was clarified.

*This is not investment advice.

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.

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