by Coinstrooper Crypto Articles
Quick Take
  • A week after a robotics token debuted on Binance, one seller dumped 42 million of them for about $5 million in one day.
  • Investigator ZachXBT says Axis insiders received them from a team wallet.
  • The price fell about 40% in a day, hitting traders who bought after the listing.
  • Binance’s early-stage Alpha section listed it first.

What Happened

A week after a robotics token debuted on Binance, one seller dumped 42 million of them for about $5 million in one day. Investigator ZachXBT says Axis insiders received them from a team wallet.

That sale equaled a quarter of all tokens tradable at launch. The other 835 million are locked in a contract run jointly with Binance, Axis said.

Axis said no team or investor tokens were sold. It sent community-fund tokens to one over-the-counter (OTC) trading firm under a written lock-up deal.

Axis’ tokenomics show the fund released 80 million tokens at launch. ZachXBT traced 76 million.

Market Context

The price fell about 40% in a day, hitting traders who bought after the listing. Axis says its team sold nothing.

“Please explain to the community why an entity received ~42M AXIS from the Axis team multisig to six addresses and sold it for 5.04M USDC via DEX over the past 24 hours which has caused the AXIS price to crash 40%?,” the blockchain sleuth posed.

“The pattern of the sales, which went through … hundreds of fresh addresses within hours of delivery, strongly suggests that the OTC counterparty sold these tokens on the open market,” the team stated.

Why It Matters

Who Sold the AXIS Tokens?

Axis Robotics collects robot training data. Its AXIS token went live on October 21. Binance’s early-stage Alpha section listed it first. Coinbase and South Korea’s Upbit followed.

Details

Then the selling started.

In a Telegram alert, ZachXBT said insiders got over 76 million tokens, worth over $12 million, from a team wallet.

Most were swapped for USDC, a dollar-backed digital coin, on decentralized exchanges (DEXs). Some went to Bitget.

Axis Blames a Partner It Hasn’t Named

Axis has cut ties and called in lawyers.

Another 431 million fund tokens unlock monthly from next month, now on automatic schedules, Axis says. A similar rush to exchanges preceded a 40% slide in DoubleZero’s 2Z token in 2025.

The $5 million sits in eight wallets. ZachXBT calls their owner an insider. Axis blames a partner it believes broke the deal.

The post Insiders Crash New Binance-Listed Altcoin By 40% appeared first on BeInCrypto.