Meld Denies Insider Trading Allegations, Confirms No Control Over Private Sale Token Holders

• Meld, a “DeFi, non-custodial, banking protocol”, has denied accusations of insider trading.
• The accusations came from on-chain analysis conducted by TapTools, which highlighted a series of large token sales from a single address.
• Meld stated that the address belongs to a private sale token holder and that they have no control over the actions of such holders.

Meld, a decentralized finance (DeFi) and non-custodial banking protocol, has denied allegations of insider trading. The accusations surfaced after on-chain analysis conducted by TapTools identified a series of large token sales from a single address. The address had sold tokens worth 1.24 million ADA, or about $405,000 at today’s price. TapTools also identified two associated addresses that had sold but never bought MELD tokens, worth a combined 1.04M $ADA, or approximately $340,000. TapTools asked, „where did the tokens come from?“ while speculating the address is controlled by an insider.

In response, Meld denied any involvement and stated the address belongs to a private sale token holder and they have no control over the actions of such holders. The company further clarified that no staff members were involved or benefited from the token sales. Meld also confirmed it has no control over the actions of private sale token holders and that no insider trading had taken place on its platform.

The news is likely to further bolster confidence in the Cardano (ADA) protocol, as it has been gaining ground in the DeFi space. The protocol has seen positive adoption in recent months, and its native token, ADA, is up over 300% in the past year. With the allegations now denied, the protocol is expected to continue its growth. As such, Cardano is likely to remain one of the leading DeFi protocols for the foreseeable future.