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On April 26, the planned initial airdrop offering (IAO) for the Xirtam token on the Arbitrum decentralized exchange AlienFi was called off just minutes prior to its commencement.
The reason for the cancellation was not immediately apparent. In a series of screenshots posted on Twitter, AlienFi claimed that, without the knowledge of the development team, Xirtam had executed “a seed sale sold 3x+ below the Fjord price” ahead of the intended IAO, prompting Xirtam to “decide to cancel” after AlienFi developers uncovered the situation, resulting in a pricing conflict.
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As per an April 20 announcement, Xirtam was set to undergo a two-part presale in collaboration with liquidity protocol Fjord Foundry and a private-public sale alongside AlienFi. The IAO with AlienFi was slated for April 26, aiming to raise a total of 350 Ether (ETH) for 50 million Xirtam tokens.
Data from Fjord Foundry indicates that Xirtam’s presale occurred from April 23 to April 26, accumulating a total volume of $3.9 million. In a statement issued on April 26, AlienFi developers noted that the launch was canceled “5 minutes before [it was] supposed to begin.” Cointelegraph has reached out to Xirtam for comments but did not receive a reply by the time of publication. None of the claims made in this report have been independently verified by Cointelegraph.
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This is an evolving story, and additional information will be provided as it becomes accessible.
