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GameStop off to a "Good" Start: Allegedly Dumps $30M worth of IMX Tokens

GameStop off to a "Good" Start: Allegedly Dumps $30M worth of IMX Tokens

Controversy-ridden GameStop might be looking at another outrage from the community after selling off $30 million worth of IMX tokens.

After a major setback with its stocks, GameStop has shed some light on the new NFT marketplace, and rejuvenated some of the fans in the crypto community due to the recent partnership with Immutable X. Sadly, the excitement might not have been worth the wait.

On February 4th, just a day after the partnership between GameStop and Immutable X was announced, news came upon the recent crash of IMX tokens.

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What is Aurora in Crypto? NEAR Protocol Token Explained (ANIMATED)

What is Aurora in Crypto? NEAR Protocol Token Explained (ANIMATED) What is Aurora in Crypto? NEAR Protocol Token Explained (ANIMATED)

According to a Twitter user @polka, Immutable X distributed about $100 million worth of tokens to GameStop for the partnership deal.

However, based on data shown on Etherscan, a large fraction of the IMX tokens, about $30 million, were sent from the company’s digital wallet address to Binance, OKex, and Huobi crypto exchanges in a matter of hours. 

Users on social media managed to quickly connect the dots since the crash happened exactly at the time when the IMX tokens were sent out to various exchanges by GameStop’s digital wallet.

At the moment of writing this article, the IMX token suffered a 23.05% drop over the last 24 hours and currently sits at an average price of $2.92.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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