EOS under Fire, but Continues to Perform Well
Cryptocurrency EOS is up to $5.46 (EOS/USD) today, an increase of 2.35%, with a trading volume of more than $2 billion. Despite its growth over the last few weeks, the crypto is being weighed down with controversy about its parent company’s financial dealings.
Block.one is the software maker behind EOS, and in 2017 they started an initial coin offering for their new cryptocurrency. That ICO was a resounding success, the best in history, in fact. The software company managed to raise upwards of $4 billion in 11 months. They have enjoyed further substantial investments since then.
New Scrutiny for EOS and Block.one
In 2019, they were fined $24 million by the U.S. Securities and Exchange Commission, which may seem like old news. However, new research has been published by Integra FEC, a financial forensic analysis firm. These documents revealed suspicious account transactions occurring during the ICO, shedding new light on dealings that were already under scrutiny. According to some analysts, the research points to an artificial inflation of the token’s value.
Multiple experts have weighed in on new research and determined that there is enough evidence to suggest the need for further investigation. They suspect collusion and other criminal activity at work, but nothing has been proven definitively yet. This research could bring new scrutiny from the U.S. Securities and Exchange Commission on Block.one and subsequently the EOS cryptocurrency.
What Will Happen with EOS?
EOS is currently ranked at number 32 on the cryptocurrency market. If there is a new investigation into the crypto and its parent company, that could seriously affect its price. EOS has managed a fairly steady increase since July 20th, with its most substantial drop since then occurring on August 27th. At that point, it fell to $4.69 but has since recovered. We expect EOS to continue rising over the next couple weeks, unless there is a substantial blow to its reputation.
Investors interested in EOS should be watching news reports and keeping track of our updates for this crypto, as new developments could be happening very quickly for EOS.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals