{"id":30399,"date":"2020-10-20T19:32:17","date_gmt":"2020-10-20T16:32:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30399"},"modified":"2025-08-27T22:05:35","modified_gmt":"2025-08-27T19:05:35","slug":"opinion-filecoin-token-dump-sparked-by-testnet-coins","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-filecoin-token-dump-sparked-by-testnet-coins\/","title":{"rendered":"Opinion: Filecoin token dump sparked by testnet coins"},"content":{"rendered":"<p>Analysts at DPRating hypothesised that the sharp drop in the FIL token after <a href=\"https:\/\/u1f987.com\/en\/news\/filecoin-mainnet-goes-live\">launch<\/a> of the Filecoin network was caused by sales of coins from its testnet. The latter allegedly became valid on the mainnet and were available to miners for sale on exchanges.<br \/>\n<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">That large amount of Filecoin coins the first day were testnet coins that somehow were valid on the main net and were dumped on exchanges.<br \/>\nYou can\u2019t make this stuff up.<a href=\"https:\/\/t.co\/YEmbauxENi\">https:\/\/t.co\/YEmbauxENi<\/a><\/p>\n<p>\u2014 WhalePanda (@WhalePanda) <a href=\"https:\/\/twitter.com\/WhalePanda\/status\/1318469269739503617?ref_src=twsrc%5Etfw\">October 20, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Excessive selling of FIL drained miners&#8217; collateral, forcing them to buy coins on the secondary market. However, the asset&#8217;s limited supply prevented them from doing so.<\/p>\n<p>The analysts suggested that miners began to threaten developers by turning off their hashing power. In the end, they secured the unlocking of 25% of the emission earlier than the allotted 180-day term, expanding the amount of available supply.<\/p>\n<p>In this way, DPRating explained the drop in Filecoin&#8217;s price on the Gate.io exchange on the evening of October 15 from $230 to $50, and the wave of declines to $30 after listing on Binance and Huobi, where trading started at $400.<\/p>\n<p>According to DPRating, there were a total of 26.5 million test coins on exchanges.<\/p>\n<p>Researchers are asking whether this was a code bug or whether such a possibility was foreseen from the outset.<\/p>\n<p>Filecoin representatives did not comment on the volatile dynamics of FIL.<\/p>\n<p>The crypto community questioned the veracity of the DPRating version until independent verification. For example, Sam Bankman-Fried, the CEO of the FTX exchange and Alameda Research, holds this view.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Not 100% sure but I think the rumors are false \u2014 I *think* that there weren\u2019t 30mm coins hitting exchanges.<\/p>\n<p>You can mostly verify this by confirming that the total volume, in FIL tokens, on exchanges was less than 30mm<\/p>\n<p>\u2014 SBF (@SBF_Alameda) <a href=\"https:\/\/twitter.com\/SBF_Alameda\/status\/1318523605760700420?ref_src=twsrc%5Etfw\">October 20, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bankman-Fried questioned that unlocked coins flooded the market.<\/p>\n<p>Meltem Demirors, CoinShares&#8217;s Development Director, did not unequivocally subscribe to this view.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">the number i saw was 1.5M about 40 min before main-net launch\u2026 still \ud83d\udc40<\/p>\n<p>\u2014 Meltem Demirors (@Melt_Dem) <a href=\"https:\/\/twitter.com\/Melt_Dem\/status\/1318527045119475712?ref_src=twsrc%5Etfw\">October 20, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u201cI saw 1,5 \u043c\u043b\u043d \u043c\u043e\u043d\u0435\u0442 \u043f\u0440\u0438\u043c\u0435\u0440\u043d\u043e \u0437\u0430 40 \u043c\u0438\u043d\u0443\u0442 \u0434\u043e \u0437\u0430\u043f\u0443\u0441\u043a\u0430 \u043e\u0441\u043d\u043e\u0432\u043d\u043e\u0439 \u0441\u0435\u0442\u0438\u2026\u201d.<\/p>\n<\/blockquote>\n<p>Earlier, Justin Sun, <a href=\"https:\/\/u1f987.com\/en\/news\/justin-sun-accuses-filecoin-team-of-dumping-fil-token\">accused<\/a> the Filecoin team of a FIL token dump.<\/p>\n<p>Speculation could have fuelled <a href=\"https:\/\/u1f987.com\/en\/news\/filecoin-network-faces-miner-strike-after-launch\">rumours<\/a> of a Filecoin miners\u2019 strike, dissatisfied with the project\u2019s economic model. Juan Benet <a href=\"https:\/\/u1f987.com\/en\/news\/filecoin-calls-miner-strike-claims-nonsense\">called<\/a> this absurd.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog FEED<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts at DPRating hypothesised that the sharp drop in the FIL token following the Filecoin network launch was caused by sales of coins from its testnet. The latter allegedly became valid on the mainnet and were available to miners for sale on exchanges.<\/p>\n","protected":false},"author":1,"featured_media":30400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1488,1138],"class_list":["post-30399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-filecoin-fil","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=30399"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30399\/revisions"}],"predecessor-version":[{"id":30401,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30399\/revisions\/30401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/30400"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=30399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=30399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=30399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}