AVAX collapses 11%
AVAX dropped 11% on Monday amid rumors that Ava Labs is hiring a law firm to deliberately harm its competitors.
The AVAX cryptocurrency fell to its lowest price since July 13 on Monday after news broke that Ava Labs, the company behind the Avalanche Blockchain debacle, is paying lawyers to harm its rival and prevent it from rubbing shoulders with hackers. Pass regulators.
On Friday, the Crypto Leaks website published a report showing that New York-based Ava Labs and Roche Freedman law firm struck a deal a few years ago whereby Freedman would collect sensitive information from rival companies. In exchange for a large number of AVAX tokens and a stake in Ava Labs.
“We can explain that the regulation forces Roche Friedman and its leader, Kyle Roche, to use the gang-like American legal system to target and harm cryptocurrency organizations and projects that could compete in any way with Ava Labs or Avalanche. The deal also mentions Sue-players in the crypto industry as a whole, and is intended to steer regulators such as the SEC and CFTC away from the highly commercial nature of Ava Labs and the Avalanche blockchain, the report states. from Crypto Leaks.
But despite the accusations, Ava Labs CEO Emin Gin Sirer called the article an "illogical conspiracy theory."
On the other hand, the Crypto Leaks report also caught the attention of major players in the cryptocurrency industry.
Some players in the crypto community have called the report “alarming” given the information that has been made public. Others questioned whether the parties would face legal scrutiny for "improperly promoting" the relationship.
Meanwhile, in a since-deleted tweet, Binance CEO Changpeng Zhao called the report “wild,” assuming the evidence video released by Crypto Leaks is legit. Zhao also said that while the exchange is not a direct competitor of Avalanche, Binance is also a target of the Freedman law firm.
Clearly, the Friedman deal was Armin Gunn Serrell's personal vendetta against society. " provides more details.
Roch Friedman recently sued Binance over the collapse of Terra and sued Solana Labs saying "SOL" is an illegal security.
Similarly, Ripple Labs CEO Brad Garlinghouse tweeted on Monday that he has "never seen, let alone invested in, Kyle Roque." This is in response to a statement in Garlinghouse's Crypto Leaks article.
In particular, the importance of the Ethereum Avalanche blockchain has grown over the past year due to high transaction costs. The AVAX token price increased by 3,300% in 2021 and reached a new all-time high above $140.
