On July 5, 2025, the SOON token experienced a 41% decline, prompting a response from the project team. They conducted an investigation and released a report explaining the causes of the drop.
Circumstances of the SOON Token Drop
The attack on the SOON token occurred between 4:00 PM and 9:00 PM on July 5th. During this time, 22 million tokens were withdrawn from Bitget and systematically sold on exchanges like Bithumb, Upbit, and Gate. The price of SOON dropped from $0.22 to $0.13.
Market Manipulation Analysis
In-depth analysis noted that these transactions resulted in funding rates in derivatives markets falling by as much as -500% to -600%. Manipulators maximized selling pressure by switching between different exchanges, profiting significantly from this decline.
SOON Team's Response to the Incident
The SOON team maintained that the foundation addresses were not involved in any transactions. They also stated that official market makers, Jump Crypto and Amber Group, had no role in the decline.
Despite the overall market rally after the recent crash, the price of SOON has still not fully recovered, and the team continues to investigate the incident.
