The Ondo Finance tokenization platform team has come under suspicion for a possible dump of their ONDO token. Over two days, transfers of coins to cryptocurrency exchanges Coinbase, Gate, KuCoin, and Bybit were recorded from addresses linked to the Ondo Finance team. Each of these transfers was followed by a subsequent drop in the token's price.
User ai_9684xtpa reported that one of the addresses received 50 million ONDO (approximately $10.97 million) from a project participant and sold 10 million on Gate and Kucoin. This could have caused the asset's price to drop. Currently, the mentioned address still holds 118 million ONDO, valued at $24.7 million.
At the beginning of 2024, the Ondo Finance project unlocked 14.3% of the ONDO supply. Over the last 24 hours, the price of the ONDO token has fallen by 20.7%, according to CoinGecko. Ondo accounts for 14.93% of the market for tokenized U.S. Treasury bonds, with a total volume of $865.8 million.
Ondo Finance offers three products: Ondo Short-Term US Government Bond Fund (OUSG) on Ethereum and Polygon, Ondo U.S. Dollar Yield (USDY) on Ethereum, and Ondo US Money Markets (OMMF) on Ethereum. On January 23, the company announced the opening of its first office in the APAC region, noting an active and rapidly growing user community in this region.
Founder and CEO of Ondo Finance, Nathan Allman, emphasized the importance of the company's development in APAC. In September, the L2 Mantle Network project integrated the USDY stablecoin developed by Ondo Finance.
