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Token

Spot

Tellor

Whales have allegedly wiped out both long and short positions in TRB, causing the token’s price to plunge from $600 down to $135 in a matter of a few hours. 
On Jan. 1, TRB, the native token of Tellor, suffered a staggering 70% decline from its all-time high of $600 earlier in the day, according to CoinGecko data. The market turmoil ensued after whales executed substantial liquidations of both long and short positions, as <a href="https://x.com/spotonchain/status/1741593067340370071?s=20" target="_blank" rel="noreferrer noopener">reported</a> by crypto tracking service Spot On Chain. 
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 <img loading="lazy" decoding="async" width="948" height="539" src="https://crypto.news/app/uploads/2024/01/nsuodhfudsf.png" alt="Tellor's TRB liquidations soar to $70m amid market manipulation concerns - 30" class="wp-image-14233048">
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 TRB price in USD | Source: CoinGecko
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Over the past 24 hours, CoinGlass <a href="https://www.coinglass.com/LiquidationData?/" target="_blank" rel="noopener">recorded</a> a total of $233 million in liquidations, with TRB accounting for more than $73 million. 
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 <img loading="lazy" decoding="async" width="1014" height="535" src="https://crypto.news/app/uploads/2024/01/shdiufhdsufh.png" alt="Tellor's TRB liquidations soar to $70m amid market manipulation concerns - 31" class="wp-image-14233050">
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 Token liquidation heatmap | Source: CoinGlass
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 You might also like: <a href="https://crypto.news/tellor-up-39-from-yesterday-analyst-points-to-manipulation/"> Tellor up 39% from yesterday, analyst points to manipulation </a> 
Notably, HTX (formerly Huobi) emerged as the largest dumper of TRB positions as of Dec. 31, with over $15 million in TRB shorts opened on the exchange. OKX and Binance followed, with $12.1 million and $6.69 million, respectively. Spot On Chain suggests that this dramatic price swing could be indicative of market manipulation, pointing out that a TRB whale controlled the majority of liquidity, while on-chain activity remained low during the <a href="https://crypto.news/tag/pump-and-dump/">pump-and-dump</a> scheme. 
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 🚨🚨 <a href="https://twitter.com/search?q=%24TRB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$TRB</a> has skyrocketed by 75% ($500M market cap added) in just one day, with no significant changes since our last post. The reported whale retains the majority liquidity, and on-chain activity remains low. Negative funding rates on most exchanges suggest the potential for… <a href="https://t.co/VjT9ZNmC2i" target="_blank">https://t.co/VjT9ZNmC2i</a> <a href="https://t.co/sfIVpLVC56" target="_blank">pic.twitter.com/sfIVpLVC56</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1741546122844504289?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 31, 2023</a>
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As of press time, the Tellor team made no public statement on the matter. 
Launched in 2019, Tellor is a decentralized oracle network built on the Ethereum blockchain, which aims to provide a decentralized alternative for obtaining real-world data that can be used by smart contracts. The Tellor network incentivizes participants, known as miners, to submit and validate data through a process that involves staking the project’s token, <a href="https://crypto.news/tag/tellor-tributes/" target="_blank" rel="noreferrer noopener">TRB</a>. 
 Read more: <a href="https://crypto.news/tellor-account-compromised-after-price-surge/"> Tellor account compromised after price surge </a>

Tellor’s TRB liquidations soar to $70m amid market manipulation concerns

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