$WOMBAT: an official statement regarding the recent sell pressure

Hello Wombat Family! Some of you noticed that a particular address has been selling a lot of $WOMBAT within the last two days, thus creating sell pressure. We’re grateful to everyone who pointed this out, and after conducting our investigation, we are able to shed light on this situation.

This address belongs to Saxon, a London-based advisory and investment firm providing services to start-ups and institutions within the Web3 & cryptocurrency ecosystem. The same address is holding the unique ENS NFT, certifying their ownership of their corporate saxonadvisors.eth domain.

Spielworks had hired Saxon advisors to consult us on the token-economy modeling and to help us get in touch with potential investors. What follows is a statement given by the Saxon team where they address the token sales and their effect (original spelling and punctuation retained).

We want to apologise for the concerns raised by some community members about wallet 0xa46ebaba72a425b42c6bdb49afd59714fbf49c51. From 09/08–11/08, we used this wallet to conduct an early sale of a portion of our advisor tokens (a routine cash flow management exercise to cover expenses incurred whilst working with projects) and does not reflect on the quality of the WOMBAT token or project.

Despite only using limit orders (via 1Inch), so as not to put downward pressure on the price of the coin or eat into the initial team-supplied liquidity on Quickswap, our on-chain activity has made some community members cautious about investing with WOMBAT, and this we deeply regret.

After speaking with the Wombat management team, we have agreed to send 6.25m of our remaining WOMBAT token to a vesting contract [that] has a 12 month lock and 6 month release schedule and exercise extreme caution when undertaking the sale of any unlocked WOMBAT in the future.

We wholeheartedly support Wombat in its mission to bridge the next billion gamers into Web 3.0, and apologise again for the concerns our behaviour caused.