Thread by @MolidorShane

Just posted an update on ASD Token via the @_AscendEX twitter, but wanted to provide a bit more insight on the recent price movement....🧵

Last night, we identified that number of users had been performing unusual transactions to manipulate the price of the ASD token. Specifically, users exploited a reference price error to convert altcoins to ASD at heavily discounted prices on AscendEX.

Upon converting their assets to ASD, these individuals sold large amounts of ASD on the exchange, which resulted in significant market impact and price depreciation.

These unusual transactions went undetected for some time before intensifying around 3:00am UTC on July 12th. @_AscendEX immediately halted trading once we identified the nature of these transactions to be manipulative.

To protect the interests of our users, we have taken the following actions:
1. Accounts that engaged in manipulative transactions have been suspended and are under review.
2. ASD trading will resume at 2 p.m. UTC, July 13th, 2022. D/W will open thereafter.

3. Any buy orders that occurred at a price greater than $0.014 between AscendEX customers and individuals that utilized the pricing exploit will remain unimpacted.
4. @_AscendEX will begin executing buybacks of ASD on various CEXs to promote improved liquidity.

Our number one priority is to protect our customers and preserve the integrity of the #ASD ecosystem. I appreciate everyone's patience as we sorted things out.

Please feel free to reach out to me or members of the @_AscendEX team directly if you've been significantly impacted by this incident and we'll do our best to take care of you!