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Solana-Based Chingari Tokens Plunge 87%, Developers Flag Big Sell Order
The team denies rumors of an exploit or insider trading.
Updated May 11, 2023, 6:42 p.m. Published Jul 6, 2022, 12:55 p.m.
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Tokens of Solana blockchain-based social network application Chingari (GARI) dropped 87% on Monday night, prompting rumors of exploits or wrongdoings within the community.
Developers, however, said in a Wednesday statement that the drop was likely due to a single sell order of over $2 million by a large GARI holder that affected the price. They further denied any reports of an exploit or hack.
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“The $GARI token was affected majorly on KuCoin,” developers said, referring to the crypto exchange. “The reason identified is the $2 million market sell order at 16:10 UTC on 4th July 2022, pushed the token price to $0.14 suddenly as the market maker didn't provide enough liquidity to handle it.”
Developers said the $2 million sell order and lack of liquidity caused cascading liquidations on KuCoin, which sent prices from 71 cents to as low as 3 cents. Prices bounced to the 10 cents level in the hours afterward.
The team denied any wrongdoing. “We confirm that there was no insider trading,” developers said, linking to a blockchain wallet that holds the team’s allocated tokens.
Chingari has had more than 50 million worldwide downloads on Google Play, with its largest user base in India. The application has previously raised $19 million in a seed round with investors such as RepublicCrypto, Solana Capital and crypto exchange Kraken.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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