Axis Robotics’ AXIS token fell about 40% in a single day roughly a week after launch, following a large transfer and sale of tokens. Blockchain investigator ZachXBT said an entity sold about 42 million AXIS in 24 hours for approximately $5.04 million in USDC. The project denied that its team sold tokens, attributing the transactions to a partner. Public information has not established who ultimately controls the proceeds.
ZachXBT flags transfers from team wallet
AXIS launched on October 21, initially trading in Binance’s Alpha early-stage token market. Coinbase and South Korean exchange Upbit later listed the token. In a Telegram alert, ZachXBT said insiders had received more than 76 million AXIS from team wallets, worth over $12 million at the time.
He said most of the tokens were exchanged for USDC, a dollar-pegged stablecoin, through decentralized exchanges, while some were sent to Bitget. ZachXBT singled out an entity that received about 42 million AXIS from an Axis team multisig wallet. The tokens were distributed across six addresses and, he said, sold through decentralized exchanges over the past 24 hours for about $5.04 million in USDC. AXIS fell around 40% during the sell-off.
Axis says a partner was involved
Axis Robotics said the team had not sold tokens and that the transactions involved a trading partner. The project has not publicly provided a full account of the transfer arrangements, identified the partner, or clarified who holds the sale proceeds. ZachXBT called on the project to explain the transfer and sales to its community.
Axis Robotics collects training data for robotics. The token’s rapid move from a Binance Alpha launch to listings on Coinbase and Upbit, followed by a large reported transfer and sharp price decline, has put token allocation and circulating supply under scrutiny. The central unresolved questions are where the funds went and how the reported sales fit with the project’s account. ZachXBT’s figures cite more than 76 million AXIS transferred and about 42 million tokens sold for $5.04 million in USDC.