FUNToken surged 145% last night for a short period of time, only due to false promotion of its listing on Upbit?

23-12-14 10:13
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· Upbit is accused of "false advertising", FUNToken's announcement has been deleted
· What is FUNToken?

On December 13th, FUNToken announced that its token will be listed on the South Korean cryptocurrency exchange Upbit on December 14th, 2023 at 9:00 AM Korean Standard Time (0:00 UTC). Two trading pairs, FUN/USDT and FUN/KRW, will be available. However, Upbit has not released an official statement regarding this listing.

Later, influenced by the news of going public, its token FUN rose sharply from 0.00474375 USD to 0.01165600 USD, with a staggering increase of 145.713%.

Upbit goes online for "false advertising", FUNToken announcement has been deleted

Approximately one hour after the announcement of FUNToken, Upbit issued a statement indicating that some scammers are falsely claiming on their websites and social media (SNS) that specific digital assets will receive Upbit's trading support, and reminding users to be wary of recently increased false trading support propaganda. All official information regarding trading support is only released through Upbit's official announcements.

Later, the announcement of FUNToken's launch was deleted and the webpage displayed a 404 error. The price of its token, FUN, also gradually fell. As of the time of writing, the price was quoted at $0.00846581, but its 7-day increase still reached as high as 72.5%.

FUNToken is what?

FUNToken's parent company is FunFair Technologies, a company that specializes in decentralized gaming. It was founded in 2013. In June 2017, FunFair launched an ICO for FUNToken, raising $26 million in funding.

In 2018, FunFair launched the first casino centered around FUNToken. In 2019 and 2020, FunFair released various games and platforms, expanding the use cases for FUNToken. However, by the end of 2020, due to regulatory issues in certain regions, FunFair had to temporarily suspend its operations.

Recently, FUNToken has established a partnership with the cryptocurrency payment gateway Now Payments, and has also integrated with another payment gateway, Guardarian, allowing users to directly trade FUN Token through multiple payment channels.

In addition, FUNToken has designed a dual-token system, including FUN and XFUN. FUN runs on Ethereum, while XFUN is launched on the Polygon sidechain, specifically targeting advanced gaming projects, with a 1:1 binding between the two. The use cases for FUNToken include game trading, casino operations, staking and rewards, decentralized fund management, and interoperable exchanges.

FUNToken has also built a certain scale of ecosystem, including:

XFUN Wallet: Supports FUN, XFUN, and other ERC-20 tokens as well as Bitcoin (BTC). It operates on the Ethereum and Polygon networks, allowing users to seamlessly switch between FUN and XFUN;

XFUN Bet: a sports betting platform that eliminates traditional deposit and withdrawal processes, simplifying game transactions.

DPLAY Casino: This is a comprehensive cryptocurrency casino based on dapp that integrates XFUN and other cryptocurrencies. It is paired with the XFUN wallet. This platform provides users with the opportunity to earn Bitcoin by simply completing some tasks. By holding FUN tokens in, users can receive gradually increasing benefits. A blockchain-based travel booking platform that offers a wide range of services.

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