Axis Robotics denies that the team and investors are selling off AXIS, stating that recent sales may involve OTC counterparties.

On October 30, according to an official announcement from Axis Robotics, AXIS experienced a massive on-chain sell-off from October 28 to 29. The project team stated that the dumped tokens came from the ecosystem allocation within the initial circulating supply, rather than holdings from the team or investors. The team noted that 835 million AXIS tokens (83.5% of the total supply) remain locked in a vesting contract jointly managed with Binance, with no tokens transferred out yet, and will not be unlocked over the next 12 months. Suspecting that the OTC counterparty responsible for distributing tokens to ecosystem participants violated the lock-up agreement, the team has suspended further cooperation and will seek legal remedies. All remaining ecosystem tokens will be distributed through on-chain vesting mechanisms going forward.

Earlier report: ZachXBT: Axis Robotics insiders dumped AXIS tokens, causing a 40% drop over 24 hours.