Axis Robotics Says Core Team and Investors’ AXIS Allocations Were Not Sold

Axis Robotics (AXIS) said tokens sold during the Oct. 28-29 selloff came from its ecosystem allocation, not the allocations of its core team or investors, which remain within locked allocations covering 83.5% of supply.

The statement responds to an earlier allegation by blockchain investigator ZachXBT that insiders sold more than 76 million AXIS. Axis said ecosystem tokens were delivered through one over-the-counter (OTC) counterparty because many ecosystem participants were not familiar with crypto. The written agreement included a lockup clause, the project said.

Axis said the tokens moved through exchange deposit channels and were sold from hundreds of newly created addresses within hours of delivery. The project said that activity likely meant the counterparty sold the tokens on the open market; if so, that would violate the agreement.

Axis said it has suspended further work with the counterparty, is reviewing the agreement with legal counsel and plans to pursue available remedies. AXIS's 36.1% 24-hour decline and brief move to 0.142 USDT came during the Oct. 28-29 selloff.