Pundit Drops Bombshell Exposé On Kadena Team After Closure Announcement Saw KDA Price Crash Over 60%

This week, the cryptocurrency community was rocked after Kadena’s surprise shutdown announcement sent KDA’s price soaring crash it by more than 60% within a few hours. The massive collapse in prices occurred Massive sales As investors scramble to make sense of the sudden closure of a once-promising blockchain project. Soon after, a shocking revelation from analysts revealed that the problems were much deeper than that Market conditionsindicating serious internal misconduct and poor management.

The Kadena scandal is revealed after the collapse of KDA prices

One day after KDA prices collapsed on Tuesday, cryptocurrency analyst Lovren said open On social media Closing announcementssecuring tens of millions of dollars in profits. Reports indicate that cryptocurrency exchanges have facilitated these trades, painting a coordinated picture Internal manipulation.

To make matters worse, X’s viral post from crypto market commentator @Katexbt Exposed to Additional allegations against Cadena’s leadership. The post claimed that Kadena’s founders, Stuart Pobjoy and Will Martino, had been sued by family members over a personal loan used to fund Kadena, raising questions about its financial transparency from the beginning.

Katexbt asserted that the blockchain was effectively inefficient, claiming a yield of 480,000 transactions per second, but it lacked real users or wallets. Publicly promoted partnerships and institutional involvement were reportedly exaggerated or fabricated, adding further doubts about the legitimacy of the Kadena project.

source: Scheme from Lovrin on X

The team also allegedly hired A.J Cole Agencyprioritizing selling tokens for real money over paying a marketing company for their services. Additional allegations point to complex relationships between Kadena’s leadership and its subsidiaries, including the Kaddex domain, which was said to be registered under the Popejoy family’s Kadena Eco golf club in Italy.

Katexbt claimed that the blockchain project was hit with a lawsuit at one point, but it didn’t make much difference as the team hid behind a maze of Limited liability companies. Even more shocking, a cryptocurrency commentator claimed that the Kadena team worked with Francisco Melpignano, former CEO of Kadena Eco, to mine large amounts of KDA, which were then sold near peak prices, generating an estimated profit of $20 million to $80 million. Afterwards, community members reportedly ousted Melpignano, though CatExpert claims the former CEO remains on the shell company’s payroll.

About the closure of Kadena

Tuesday, Kadena Released A general statement confirming the cessation of all business operations. The team stressed that despite the termination of the organization, the Kadena blockchain network will continue to operate independently under the law Decentralized model.

The announcement described the closure as a response to… Market fluctuations and unfavorable conditionsExpressing gratitude to employees, partners and the community. The Kadena team explained that the blockchain itself was not owned or managed by the company, stressing this Independent miners It will be governed by moderators in the future. They also noted that around 566 million kDa will still be distributed as mining rewards until 2139, while 83.7 million tokens are scheduled to come out of the lockup by November 2029.