Dramatic Surge Following SEC Investigation
BARNBRIDGE DAO, whose token, BOND, faced suspension of all activities in August due to an investigation by the U.S. Securities and Exchange Commission (SEC), experienced an astonishing surge of over 300% in just two days.
This remarkable leap in token value coincided with the conclusion of a vote initiated on Tuesday. The vote aimed to determine whether the protocol’s founders, Tyler Ward, and Troy Murray, should be granted the authority to take all necessary steps to comply with the SEC’s requests. As a result, the two-day-long vote concluded on Thursday, with the sought-after authorization granted by a single vote. Notably, no other wallets participated in the vote, and the sole vote in favor was from a wallet connected to the team.
BOND Token Skyrocketed
BOND, trading at $1.62, soared to $6.75 during the rapid two-day surge. Following the initial spike, the token experienced a decrease and was trading at $5.77 as of 20:15 GMT.
Binance Monitoring the Situation
Binance recently announced that it has placed four tokens, including BOND, on a watchlist, implying they could be delisted. As of now, BOND remains on the watchlist alongside the other tokens, namely BETA, WTC, and XEM.
SEC’s Growing Scrutiny on DeFi Protocols
The SEC has been increasing its pressure on DeFi protocols and DAOs in recent times. Previously, the regulatory body had initiated an investigation into the legally recognized American CryptoFed DAO in the country. The growing attention from regulators underscores the challenges and uncertainties faced by decentralized finance platforms in the current regulatory landscape. Regardless, the BOND token’s rapid appreciation is a testament to the crypto market’s ongoing ability to defy expectations and respond dynamically to news and developments.
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