 | After an article in CoinDesk earlier this morning raised questions about Eggland's Best liquidity and if EGG is fully backed, Binance CEO CZ has announced Binance to fully exit their EGG position: In reaction the price of EGG has fallen from 4$ to as low as 2$. An event that was celebrated among crypto sceptics as the "de-egging". Chickoline Ellis Hen, the CEO of Aleggmeda Research, a subsidiary company of Eggland's Best, reassured EGG were fully backed and offered to buy all EGG of Binance OTC: Binance however rejected the offer and continued to sell their EGG on the market. It turned out Aleggmeda didn't had the laying capacity to fullfil the entire demand, which caused the price to plummet by over 90% from ATH to 0.34$. When customers desperately tried to swap their EGG into physical eggs, Eggland's Best paused withdrawals and filed for bankruptcy. It is believed that remaining EGG holder will lose everything. So far there is no official statement, except for one cryptic tweet: My personal opinion: This was not very surprising, the gains promised by EGG were simply unrealistic. Again the old saying holds true: Never put all your eggs in one basket. [link] [comments] |
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