Close Menu
FintechFetch
    FintechFetch
    • Home
    • Fintech
    • Financial Technology
    • Credit Cards
    • Finance
    • Stock Market
    • More
      • Business Startups
      • Blockchain
      • Bitcoin News
      • Cryptocurrency
    FintechFetch
    Home»Cryptocurrency»Plasma CEO Denies XPL Token Sale Rumors
    Cryptocurrency

    Plasma CEO Denies XPL Token Sale Rumors

    FintechFetchBy FintechFetchOctober 3, 2025No Comments3 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Paul Faecks says no XPL team tokens have been sold, with allocations locked for three years with one year cliff amid insider dump rumors.

    Plasma CEO Paul Faecks has clarified that no team members have sold their XPL allocations.

    His statement came in response to speculation following the token’s recent launch.

    Faecks Addresses XPL Concerns

    The controversy began when blockchain sleuths flagged large XPL transactions from team wallets shortly after its debut, with some suggesting that these movements were linked to insiders cashing out early. Critics also pointed to the presence of former employees from troubled projects like Blast and Blur on Plasma’s team.

    Faecks has since addressed the concerns surrounding XPL, stating on X that no one had sold tokens and that all investor and team allocations remain locked for three years with a one-year cliff. He also explained that although three of the company’s roughly 50 employees previously worked at Blur or Blast, the team also includes professionals from Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei, making it inaccurate to label the group as “ex-Blast.”

    The CEO also clarified that it has not engaged Wintermute as a market maker and has never contracted its services, adding that the company has no additional insight into its ownership of XPL beyond what is publicly known.

    The statement concluded with him affirming that they are “laser-focused on building the future of money.” Plasma went live with its native cryptocurrency XPL earlier this week. The event attracted attention, with the token briefly trending on major exchanges like HyperLiquid, where it reached a fully diluted valuation of around $8 billion.

    The project presents itself as a blockchain built for global money transfers, starting with over $2 billion in stablecoin liquidity, zero-fee USDT transfers during rollout, and integrations across more than 100 DeFi protocols.

    You may also like:

    Plasma’s TVL Hits $5.7B

    The Plasma mainnet has been gaining momentum since launch. DefiLlama shows that its total value locked has already climbed to $5.69 billion, ranking it as the sixth-largest stablecoin network after Ethereum, Tron, Solana, Binance Smart Chain, and Hyperliquid.

    The recent launch was backed by months of community campaigns, including a June deposit drive that hit $1 billion in just over 30 minutes. The stablecoin Layer-1 also completed a $50 million public sale that was oversubscribed by $323 million, while a Binance Earn product for Plasma USDT hit its $1 billion subscription cap.

    The crypto startup is also preparing to release Plasma One, a consumer app designed as a stablecoin-native “neobank” for saving, spending, and sending digital dollars. The product is scheduled to debut later this year, with CEO Faecks saying that the company’s mission is to expand global access to dollars, describing stablecoins as “Money 2.0” that can unlock investment opportunities regardless of local conditions.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleTrading just under £2 now, BT’s share price looks a bargain to me anywhere below £6.13
    Next Article Are Fan Tokens Making a Come Back? ALPINE Crypto Erupts as Chiliz Drops New Merch
    FintechFetch
    • Website

    Related Posts

    Cryptocurrency

    Pi Network (PI) News Today: October 18th

    October 18, 2025
    Cryptocurrency

    CZ Fires Back at Peter Schiff’s Latest Bitcoin Criticism

    October 18, 2025
    Cryptocurrency

    Is Wave 5 Still Coming or a New Bull Trend Emerging?

    October 17, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Top Posts

    Ethereum Weekly Chart Nears Tower Top Formation As US Launches Attack On Iran – Details

    June 22, 2025

    Context Meets Code: The New Rules of B2B Marketing in an AI-First World (Part 1): By Sharon Tan

    August 21, 2025

    eToro Integrates UAE PASS to Streamline Onboarding for Local Investors

    May 10, 2025

    To Grow the UK Economy: Accelerate Instant Payments: By John Bertrand

    February 16, 2025

    2 FTSE 100 stocks that investors should consider for income

    March 21, 2025
    Categories
    • Bitcoin News
    • Blockchain
    • Business Startups
    • Credit Cards
    • Cryptocurrency
    • Finance
    • Financial Technology
    • Fintech
    • Stock Market
    Most Popular

    Tokenisation Catapults Dubai’s Real Estate Market to $18B in May 2025

    June 9, 2025

    NEO Crypto Leads Chinese Coins After Major Announcement: Time for a 100% Pump?

    August 22, 2025

    Billionaire Mike Novogratz Says Ethereum Will Enter Price Discovery If It Takes Out This Level

    July 26, 2025
    Our Picks

    Banking with MrBeast?

    October 18, 2025

    Gold Is King Now But BTC USD Will 14X To Over $1,400,000: Mexican Billionaire

    October 18, 2025

    Pi Network (PI) News Today: October 18th

    October 18, 2025
    Categories
    • Bitcoin News
    • Blockchain
    • Business Startups
    • Credit Cards
    • Cryptocurrency
    • Finance
    • Financial Technology
    • Fintech
    • Stock Market
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • About us
    • Contact us
    Copyright © 2024 Fintechfetch.comAll Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.