BitDAO, or BIT, the token supported by cryptocurrency exchange Bybit, dropped more than 20% within an hour at one stage around noon on Tuesday in Asia, according to data from CoinMarketCap.

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Fast facts

  • BIT was trading at US$0.3707, down 9.69% in the past 24 hours as of 2 p.m. in Hong Kong, after it fell to as low as US$0.3074 from US$0.4117 earlier in the day.
  • Ben Zhou, chief executive officer of Bybit, tweeted on Tuesday that the abrupt fall could be a result of a sudden sale of BIT tokens by Alameda Research, which if true would have breached a three-year mutual no-sale public commitment.
  • Zhou added that the BitDAO community is requesting proof of funds from Alameda.
  • In response to Zhou, Caroline Ellison, chief executive officer of Alameda, tweeted that the team’s busy at the moment “but that wasn’t us,” and that Alameda will get BitDAO proof of funds “when things calm down.”

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