DeFi Technologies responds to CoinSnacks bearish report: misleading information, suspected market manipulation

CoinSnacks released a report questioning the reasons for the rise in DeFi Technologies (ticker: DEFI). It said that the company conducted a series of promotional activities, including paid emails and influencer activities, to increase the company's media exposure, and also obtained the support of Anthony Pompliano and Will Clemente, two cryptocurrency investors whose market analysis company Reflexivity Research was acquired by DeFi Technologies in January. CoinSnacks said: "With the promotion of KOLs and mentions on CNBC, as well as email promotions and high-profile marketing activities, this series of strong evidence shows that the rise of the stock is not for the right reasons." On the Monday before the report was released, DEFI was trading at 3.3 Canadian dollars, up 202% since May 31. As of the close of Tuesday, the stock had plunged 35% to 2.24 Canadian dollars per share. DeFi Technologies responded to the CoinSnacks report in a public press release on Wednesday, calling it "defamatory, selective, inaccurate" and containing "misleading statements" about the company's practices and financial situation. The company speculated that the report may have been commissioned by short sellers who wanted to drive down the stock price. DeFi Technologies said that on June 10, a Canadian investment bank approached the company with a $15 million acquisition offer. The company said that this was a very low number considering the company's newly acquired financial strength. On the same day, the company reported that its funds alone were worth $60 million, of which $7.9 million had been converted into Bitcoin. DeFi Technologies further pointed out: "The company believes that the coordinated operations of short sellers and the publication of misleading reports on listed companies constitute market manipulation." (Decrypt) Earlier on June 10, DeFi Technologies (OTCMKTS: DEFTF) announced that it would adopt Bitcoin as the main reserve asset for its treasury, with a total holding of 110 BTC, worth about $7.7 million.