ChainCatcher reported that, according to monitoring by on-chain analyst Yu Jin, the controller behind SIREN has largely broken up 680 million SIREN tokens within two days. The amount represents 94% of SIREN’s total supply, and the tokens were essentially split into smaller parts rather than remaining concentrated in their previous form.
Yu Jin’s monitoring shows that the selling and turnover of these SIREN tokens led to a 96% price decline, with the token falling from $1.3 to $0.05. The process generated approximately 64.8 million USDT. Around 200 million SIREN were also transferred into centralized exchanges including Binance, Gate and KuCoin.
After the price dropped below $0.1, most of the tokens were bought on-chain in small amounts by hundreds of addresses. Yu Jin said these small purchases were very likely still carried out by the controller, with the stated purpose of buying back chips at low levels, making on-chain tracking more difficult, and preparing for the next round of manipulation.