Delta Acknowledges OTC Deal Left 2.6% of Token Supply Without Sale Limits

Delta, a DeFi liquidity management layer in the Robinhood Chain ecosystem, said it exchanged 26 million Delta tokens (DELTA) in an over-the-counter (OTC) deal for operating funds and marketing support without sale limits.

The allocation amounted to 2.6% of the token’s supply, Delta said. It said 16.5 million tokens, equal to 1.65% of supply, had been sold; the other 9.5 million, or 0.95%, remained in two recipient wallets.

The deal took place Aug. 24, when Pools had about $50,000 in total value locked (TVL) and DELTA’s market capitalization was about $3 million, Delta said.

Delta said the partner could manage or sell the allocation freely and the team had no control over later sales. The team had expected communication before a major sale and tried to resolve the issue privately, but those efforts were unsuccessful, Delta said.

The team acknowledged it had handled the deal poorly and placed too much trust in its partner. Delta said it then made on-chain evidence and wallet addresses public.