- The giant RVV dump suggests potential insider activity.
- RVV loses 65% of its value overnight.
- Suspicion arises over coordination, not an external hack.
Astra Nova’s RVV token plummeted by approximately 70% after 18 linked wallets dumped $10M in assets, raising significant insider concerns over hacking allegations.
The incident challenges Astra Nova’s governance credibility, spotlighting centralized exchange vulnerabilities and potentially influencing investor confidence in crypto market stability.
The recent collapse of Astra Nova’s RVV token, dropping 65%, was triggered by a massive sell-off involving 18 wallets. The sudden liquidation of 860M–890M RVV tokens worth over $10M has caught significant attention due to its magnitude.
Central to this event are the Astra Nova team and on-chain analyst Yu Jin. They are at odds over whether the activity was due to hacking or insider actions. The team’s market-making wallet is under scrutiny following the sell-off.
The immediate fallout of the RVV token crash was a sharp decline in its market value. Liquidity and trust in the market and staking platforms have been affected. Exchanges like Gate.io and KuCoin witnessed large inflows of USDT post-dump. Yu Jin, On-chain Analyst, ChainCatcher, stated, “No hacker would convert stolen assets into USDT and hold them; USDT can be frozen, and it was directly transferred to CEX.”
The incident implies broader concerns about market-maker account management in cryptocurrencies. Historical data shows projects with concentrated token holdings often face liquidity crises following insider actions. Meanwhile, the community response remains skeptical about the explanations given.
