SunCrypto has taken the decision to suspend trading services for the SaitaChain (STC) Coin, effective from October 10th, 2024. This move comes in light of recent news involving the STC coin in a scandal that has shaken the cryptocurrency community.
The United States Federal Bureau of Investigation (FBI) has charged eight companies in connection with an alleged pump-and-dump scheme involving a fake crypto token, NexFundAI. The charges were part of an undercover sting operation, revealing a network of crypto companies involved in market manipulation.
Among the accused are notable firms such as Saitama, Robo Inu, VZZN, and Lilian Finance, and market makers like Gotbit, ZM Quant, CLS Global, and MyTradeMM.
You can read the full matter here: CLICK HERE
These companies are accused of collaborating to manipulate the prices of over 60 low-cap coins, including the STC coin. The U.S. Securities and Exchange Commission (SEC) filed suits against them on October 9th, highlighting a disturbing pattern of fraudulent behavior designed to deceive investors.
Specifically, the SEC tipped off the FBI about Saitama’s involvement in market manipulation, creating a false impression of demand for its tokens, including SaitaChain.
SunCrypto’s Response to Protect Users
At SunCrypto, protecting our users is our top priority. In light of these allegations and the ongoing investigations, we have suspended trading for the STC to prevent users from potentially significant losses.
Apart from that, another reason for suspending trading services for STC coins is the decline in trade volume. The STC token's current liquidity is relatively low, raising concerns about significant losses.
Furthermore, leading Tier-1 crypto exchanges are delisting or suspending trading services for STC coin, prompting us to take a similar step because we bought liquidity for STC coin from Tier-1 crypto exchanges.
While the investigation unfolds, we cannot provide an exact timeline for when or if STC trading will resume. Rest assured, we will promptly notify users of any updates.
What Users Need to Do
SunCrypto users holding STC coins have the option to withdraw their holdings into a personal wallet or transfer them to another crypto exchange before October 20th, 2024.
After this date, users who fail to withdraw their STC holdings will be fully responsible for any associated losses, and SunCrypto will not be liable for any financial impact incurred.
Thank you for your understanding as we navigate this situation, and we remain committed to safeguarding your investments.
We encourage all users to stay updated on this matter and check for notifications regarding the resumption of trading services. For further assistance, feel free to reach out to our support team at [email protected].
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision.