LOOKS team sells $70M, price crashes

There was a big scandal on the Looksrare platform, which was born in response to the high transfer fees on the OpenSea platform, the largest of the NFT industry, and soon became a rival in terms of transaction volume.

Scandal on the LOOKS platform

While staking can be done with LOOKS on the Looksrare platform, NFT can be obtained with the WETH obtained. With high return rates, users prefer the LOOKS pool, and thus the LOOKS price has risen to $ 8 levels.

However, since the beginning of the month, it has been stated that the LOOKS developer team has been selling WETH continuously. This has been confirmed by research and there has been a great loss of confidence.

It is stated that the team operates in the pool of LOOKS tokens that are distributed as rewards and that the investor has not yet withdrawn to their wallet, and earned a WETH gain of $ 73 million. In fact, it is not a very illegal event, because LOOKS has not been sold directly from the users’ account or directly. However, the team’s untraceable transfer on the privacy-focused Tornado Cash caused reactions.

With the effect of the decrease in the market, the LOOKS token almost crashed and saw the levels of $ 1.9. It is currently trying to push over $2 but investor support is lost. Since the NFT sale on the platform is over ETH, there are no problems such as glitches or crashes, and everything continues as standard.