The BarnBridge (BOND) token experienced a significant surge today, recovering all the losses it had incurred since June 24th. Despite a slight dip from its peak of $3.82, the token is still trading at a much higher value than it was when news of the SEC investigation broke.
The crypto community is delighted by the unexpected price increase, but the reasons for it are unclear. In this article, we will reveal some of the hidden factors that are driving the move.
Why is the BarnBridge (BOND) on the Rise?
On July 6th, 2023, Douglas Park, the legal representative of the BarnBridge DAO, announced on various social media platforms, including X (previously known as Twitter), that the BarnBridge DAO was under investigation by the US SEC. This news was later confirmed by BarnBridge co-founder Tyler Ward, also known as Lord Tyler on Discord.
— BarnBridge (@Barn_Bridge) July 7, 2023
After Park’s announcement, the BOND token experienced a 10% drop in value, causing concern among the community. Park advised that all activities related to BarnBridge products, including the closure of liquidity pools, should be halted to minimize potential legal repercussions. He also recommended that individuals should not receive payment for work resulting from the DAO’s investment initiatives.
The specifics of the investigation were never revealed, likely due to the ongoing nature of the inquiry, as mentioned by Park. Some members of the DAO expressed doubts about Park’s announcement, with one individual on Discord requesting evidence of the SEC’s investigation and suggesting that the BarnBridge founders could be using it as a cover for an exit scam.
However, Tyler Ward dismissed these claims, stating that it would be the most poorly planned exit strategy in history.
Since the allegations of the SEC investigation were made public, little information has emerged about the inquiry. The BarnBridge community appears to be recovering from the initial shock of the news, as evidenced by the significant increase in trading activity for the BarnBridge (BOND) token over the past two days. At the time of writing, trading volume had risen by 1852.83% in the last 24 hours.