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On April 26th, AlienFi Cancels Xirtam Project’s IAO Activity

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On April 26th, Arbitrum Ecological DEX AlienFi posted on social media stating that its IAO activity for the Xirtam project, originally scheduled to start on April 26th, has been ca

On April 26th, AlienFi Cancels Xirtam Projects IAO Activity

On April 26th, Arbitrum Ecological DEX AlienFi posted on social media stating that its IAO activity for the Xirtam project, originally scheduled to start on April 26th, has been cancelled. According to the conversation screenshot and text explanation provided by AlienFi, Xirtam previously concealed the fact that Alien.Fi had completed a seed round sale for $0.0125, which is approximately 30% of the current IAO price.

Alien. Fi Announces Cancellation of Xirtam Project IAO Activities

Introduction

On April 26th, AlienFi Ecological DEX posted on social media, stating that its Initial Ape Offering (IAO) activity for the Xirtam project had been cancelled. This news raised concerns amongst investors, as they had been eagerly waiting for the IAO to start. Upon closer examination, AlienFi discovered that Xirtam had concealed vital details about the project’s seed round sale, which ultimately led to the cancellation of the IAO.

What is Xirtam?

Before delving into the reasons behind the cancellation of the IAO, let’s understand what Xirtam is. Xirtam is a new project that aims to create a decentralized finance (DeFi) platform. It promises to eliminate intermediaries and provide a more transparent and efficient financial system. Xirtam had announced an IAO, which would allow investors to buy into the project by using cryptocurrencies.

The Seed Round Sale Controversy

The IAO for Xirtam was originally scheduled to start on April 26th. However, AlienFi decided to cancel the IAO after discovering that Xirtam had failed to disclose a crucial piece of information. The Xirtam project had already conducted a seed round sale, and AlienFi had bought a substantial amount of Xirtam tokens during the sale for $0.0125 per token.
This was a critical piece of information that Xirtam concealed from the public, as it would have affected the IAO price. The current IAO price set by Xirtam was $0.0425 per token, which was approximately 30% higher than the seed sale price. AlienFi was left with no option but to cancel the IAO activities altogether, as the controversy had significantly affected the credibility of the project.

What Does This Mean For Investors?

Investors who had eagerly awaited the IAO activities for Xirtam must be disappointed by the cancellation of the project. AlienFi’s decision to cancel the IAO activities may have left investors with a sense of uncertainty about their investments. Although it is essential to conduct proper due diligence before investing in any project, the lack of transparency from Xirtam can be discouraging for potential investors.

Conclusion

The controversy surrounding Xirtam’s seed round sale and IAO activities has raised concerns about transparency and credibility in the DeFi space. It is imperative for projects to disclose all relevant information to investors to maintain market integrity. Investors must be cautious and conduct proper due diligence before investing their hard-earned capital in any project.

FAQs

1. What is an IAO?
An Initial Ape Offering is a fundraising mechanism used by DeFi projects to sell tokens to investors.
2. Will Xirtam be launching an IAO in the future?
There has been no official statement from Xirtam regarding future IAO activities.
3. Is the cancellation of the Xirtam IAO activities beneficial for investors?
The cancellation of the Xirtam IAO activities may be seen as a negative development for investors as it has cast doubts on the credibility and transparency of the project.

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