This Altcoin Crashed 60 Percent Within Minutes! What’s going on?

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This has scared altcoin investors as the cryptocurrency market turns green. So much so that the altcoin started a sharp decline in the past hours and the price crashed. Here are the details…

This Altcoin Crashed

While there are increases in the crypto money market, it is 2,857 in terms of market value. The next DePo (DEPO) crashed suddenly. The sudden decline that started in the past hours caused a great loss in the altcoin price.

So much so that DePo, which was traded at $0.15 in the morning, dropped to $0.04 with the sudden drop. This decrease in DEPO represents a price decrease of approximately 60%.

After this decline, the following statement was made with the sharing made from DePo coin’s Twitter account;

“Our app is currently under heavy load due to increased transaction volume. The team is busy working hard to restore functionality as soon as possible. Thank you for your understanding. Further updates will be posted in this thread.”

At the time of writing the content, a new statement was made from DePo (DEPO) coin developers. The following statements were included in the post made on the official Twitter account of DePo coin;

“A previous employee emptied and sold the reward wallets of one of our Farms, changing the FAQ/lp to “inactive”. We have now started legal proceedings. Deposits are now safe in a separate wallet!”

After this event, the creator of DePo Coin withdrew the DEPO tokens under the contract and sold it for approximately 575 ETH ($1.6 million).

As of writing, DePo Coin continues to trade at $ 0.088, with a decrease of 45.27% in the last 24 hours, according to CoinMarketCap data.

What is DePo (DEPO)?

DePo (DEPO) claims to be the world’s first decentralized multi-market aggregator platform suitable for both beginners and experienced users. It acts as a bridge between institutional-grade investment and widespread individual use of blockchain and cryptocurrency technology.

DePo strives to create a holistic ecosystem where all aspects of crypto trading, storage and management are made available to a worldwide audience through a single platform.

It provides a platform where users can hold portfolios of digital assets across a variety of blockchains, platforms, and exchanges. The platform also includes centralized exchanges (CEX), decentralized exchanges (DEX), NFT trading platforms, and DeFi farms and pools.