Defactor’s FACTR token price increased by 400% thanks to Huawei’s “advertisement”

Huawei, one of China’s largest technology companies, posted a promotional video about the DeFi Defactor project, causing the FACTR token to jump 400%.

Defactor’s FACTR token price increased by 282% thanks to Huawei’s “advertisement”

On February 21, Chinese telecommunications giant Huawei posted a video on Twitter introducing its partnership with a DeFi project called “Defactor”, the narrator in the clip is also the main character. co-founder of this project.

The co-founder shared that Defactor is a bridge solution between the traditional financial market (CeFi) and decentralized finance (DeFi). The cooperation with Huawei is to promote the development of the project’s ecosystem.

Defactor’s FACTR token on Feb 23 saw a massive 400% spike from 0.04 to $0.20, then quickly retreated to $0.09 at press time.

FACTR price movement in the last 7 days, according to CoinGecko

However, not stopping there, following the trace on Etherscan, blockchain investigators discovered that about 13 days before the announcement time, there were a newly created wallet has quietly “collected” 200,000 FACTR and release it as soon as the token reaches its peak price, pocketing a profit of $25,000.

It is not clear if this is an “insider trading” operation, or if Huawei has received any other benefits from promoting the Defactor.

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