BarnBridge (BOND) token takes to the sky weeks after SEC probe scare

• The BarnBridge token has hit a each day excessive of $3.82, after a 30% surge earlier at present.
• At press time, the token was buying and selling at $3.69, up 24.94% in 24 hours.
• On July 7, there have been reviews of the US SEC investigating the BarnBridge and members related to the DAO.

The BarnBridge (BOND) token began the day with a serious soar, reclaiming all of the losses it made since June 24. Though the token has since barely pulled again from at present’s excessive of $3.82, the token continues to be manner above the place it was buying and selling when revelations of the US Safety and Exchanges Fee (SEC) probe have been made.

Whereas the sudden value surge is welcome information for the crypto neighborhood, there are questions as to what’s behind the transfer. On this article, we will shed some mild on what is going on behind the scenes.

Why is the BarnBridge token value rising?

On July 6 2023, Douglas Park, the elected authorized counsel of the BarnBridge DAO took to social media platforms together with X (previously Twitter) to state that the US SEC had began investigating the BarnBridge DAO. Quickly after, BarnBridge co-founder Tyler Ward, who generally known as “Lord Tyler” on Discord, confirmed Park’s message was correct.

Following Park’s revelation, the BOND token dipped by 10% sending shockwaves among the many neighborhood.

On the time, Park advised that “all work” on BarnBridge-related merchandise ought to cease, together with the closing of liquidity swimming pools, as a way to “cut back potential additional authorized legal responsibility,” and that folks shouldn’t be paid for work ensuing from the DAO’s funding efforts.

The main points of the investigations have been, nonetheless, by no means disclosed, most likely resulting from what Park referred to as “ongoing” investigations.

Some DAO members raised suspicions over the Park’s announcement with one member on Discord asking for supporting proof of the SEC’s investigation implying that BarnBridge’s founders may very well be utilizing it as an excuse to facilitate an “exit technique” to probably defraud traders. Tyler Ward nonetheless rebutted the allegation, stating it could be the “worst thought-out rug try in historical past.”

From the time the SEC investigation allegations have been made to this point, nothing a lot has surfaced concerning the investigations and the BarnBridge neighborhood is probably going beginning to blush off the consequences of the allegations seeing that the BarnBridge (BONB) token has witnessed an incredible improve in buying and selling exercise within the final two days. On the time of writing, the buying and selling quantity was up 1852.83% over the past 24 hours.

Additionally it is essential to notice {that a} related BOND value surge was witnessed final 12 months at an analogous time as previously covered by Coinjounal.