Source : coinquora.com
- GARI Network found no evidence of hacking and called it a market event. In one day, the GARI token has fallen by 75%.
- According to the company, no token breach was detected, and it seems this was a market event.
- Bitcoin and Ethereum have seen value gains of 6% and 9% during the previous 24 hours, respectively.
GARI Network, the Indian social platform for short videos, claimed it had not identified any evidence of hacking and that it seemed to be a market occurrence. Over the previous day, its native token GARI has seen a steep decline, at one time falling by more than 80%.
After conducting a comprehensive investigation, it was determined that there had been no breach on the tokens’ side. According to the announcement, this might just have been a market occurrence.
The company went on to say that they are ensuring the members of their community that ALL tokens are secure inside their appropriate reserves.
GARI is maintaining a consistent line of communication with the exchangers and is analyzing the current scenario. They have asked all community members to “relax,” assuring everyone that they will keep everyone updated on future developments.
Since its debut on CoinMarketCap in January of this year, the price of the GARI token has shown a volatile pattern. It began close to $0.7 per token, reaching over $0.9 in February. The token later dropped below $0.3 in April.
At the time of writing, the token is under significant pressure, having dropped over 75% of its value in the past day. The price at this time comes in at $0.181556.
The price of the cryptocurrency began to fall shortly after suspicions of a hack involving the GARI token began to circulate in some crypto circles.
Aside from this, the broader cryptocurrency market is now in the green, with both Bitcoin and Ethereum seeing value increases of 6% and 9%, respectively, over the past 24 hours.