Celestia Foundation OTC Sale Criticized by Community, Failure to Make Transparent Disclosure in a Timely Manner Raises Questions
The community has generally criticized the Celestia Foundation's OTC coin sale for not making any required transparent disclosures to the community, arguing that they faked the sale as good news for a funding round, leading retail investors and the community to buy into it, according to WuSpeak. The community believes that the foundation or team should have made timely disclosure of valuation and attribution for similar behavior as well as accurately disclosing that this was an OTC transaction and not a financing.
Information obtained by Wu said that the TIA OTC token sale was priced at $3 USD, with one-third unlocked on October 31st and the remainder unlocked linearly over the next year. The market response to the sale was so hot that many organizations hoping to get a share ended up with none or very few.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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