Axis Robotics denies team or investor AXIS tokens were sold

October 29 — Axis Robotics has released a statement on the sell-off of $AXIS on October 28–29. Axis Robotics emphasized that no team or investor tokens were sold. The allocations of the core team and investors (along with all other locked allocations, accounting for 83.5% of total supply) remain in a vesting contract co-managed with Binance. The tokens sold this time came from the initial circulating supply portion of the published tokenomics model — specifically, the "Ecosystem" allocation. Because many ecosystem participants are not crypto-native, their allocations were delivered through a single over-the-counter (OTC) counterparty; the written agreement signed by both parties included lockup provisions.

Judging from the sell-off pattern (the tokens were dumped through exchange deposit channels via hundreds of newly created addresses within hours of delivery), this very likely means that the OTC counterparty sold the tokens on the open market. If that is the case, the move has breached the agreement between the two parties. The team has now suspended all further cooperation with that counterparty, is reviewing the relevant agreements together with legal counsel, and will seek all available remedies under the contractual framework.

Earlier report: according to on-chain sleuth ZachXBT, insider addresses of Axis Robotics (AXIS) sold off tokens, sending the token down about 40%.