Dwelling » Markets » Phantom faces backlash for allegedly misleading traders over Ace of AI partnership
Phantom acknowledged they weren’t mindful that their carrier will be linked to any token endorsements.
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Key Takeaways
- Phantom confronted criticism after Ace of AI launched a supposed partnership, inflicting investment in ACE.
- Clarification by Phantom that it used to be no longer an reliable partnership ended in ACE token’s designate fall.
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Phantom, a prominent multi-chain crypto wallet supplier, confronted criticism after their social interplay with Ace of AI, which many interpreted as a formal partnership between the 2 projects, ended in confusion and investor losses.
On Jan. 9, Ace of AI launched on X that they were “livid to accomplice with Phantom” as fragment of the Phantom embedded early net entry to program. Phantom replied to Ace of AI’s tweet with a chain of emojis that were interpreted as an reliable partnership.
The announcement ended in a surge within the cost of Ace of AI’s token, ACE. According to data from GeckoTerminal, the token rocketed to $0.017 following the news.
Phantom later deleted the statement and clarified in a separate assertion that Ace of AI used to be merely the utilization of their embedded wallet product and that no partnership or endorsement existed. They acknowledged they were unaware their carrier will be weak to endorse any token.
There is now not any partnership. @Aceofai is candy the utilization of our embedded wallet product. We are NOT endorsing any token and weren’t mindful we’d be weak to appreciate so.
— Phantom (@phantom)”https://twitter.com/phantom/status/1877498715910369283?ref_src=twsrc%5Etfw” aim=”_blank” rel=”nofollow noopener noreferrer”>January 9, 2025
ACE’s designate like a flash plummeted after Phantom’s clarification. Currently, it’s shopping and selling at approximately $0.0005, down over 90% from its preliminary rally.
Customers on X began confronting Phantom and questioning their dialog technique. Many traders reported that they felt misled by the perceived association between the 2 companies and suffered monetary losses.
If there might well be now not any partnership, why did @adamdelphantom retweet the 👻🤝♠️?
0 apologies or responsibility taken by @phantom
We’re literally getting RUGGED over here due to your incompetence https://t.co/8QAAxUWQ0g
— Psycho (@PsychosCalls) January 9, 2025
Phantom good rugged everybody and pulled out $400k from the chart pic.twitter.com/m8nqz4sA5a
— lynk (@lynk0x)”https://twitter.com/lynk0x/status/1877497787157287191?ref_src=twsrc%5Etfw” aim=”_blank” rel=”nofollow noopener noreferrer”>January 9, 2025
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