StormX Token Price Experiences Volatility Amid ‘Emergency’ Contract Incident After Surging by Over 120%

The StormX token, a crypto cash-back project, has recently faced market manipulation amid what appears to be an “emergency incident” in its contract.

A Binance customer service representative acknowledged the issue on Twitter and assured users that the relevant team is urgently addressing the situation.

As the 268th-ranked cryptocurrency by market capitalization, StormX’s token price experienced significant fluctuations over the past 24 hours, surging from $0.0063 to almost $0.015 before retracing fully.

Binance, one of the leading cryptocurrency exchanges, acknowledged the “emergency incident of the STMX contract” in a Twitter message from @sisibinance.

The translated tweet indicated that the relevant team is actively working on resolving the matter. However, no specific details were provided about the nature of the incident. The tweet advised users to stay updated on further information and to reach out to online customer service to fill out appeal forms.

Following the tweet, neither the Twitter user @sisibinance nor the StormX team immediately responded to media requests for further clarification on the situation.

The absence of a response adds to the uncertainty surrounding the incident, leaving investors and users in the dark about the possible causes and implications of the market manipulation.

According to CoinGecko, the StormX token is currently ranked 268th by market capitalization. In the last 24 hours, the token’s price witnessed substantial volatility, surging from $0.0063 to nearly $0.015, before experiencing a complete retracement.

Such drastic fluctuations in a short period raise concerns about potential market manipulation, leading users and investors to seek answers from the platform and project team.