Summary of the Price Decline Event
On July 5, 2025, the $SOON token experienced a severe market manipulation attack that resulted in a 41% price decline from $0.22 to $0.13 within 5 hours (16:00-21:00 UTC). Our investigation revealed a coordinated attack involving:
- Systematic withdrawal of 22 million SOON tokens from Bitget
- Cross-exchange selling pressure on Bitget, Bithumb, Upbit, and Gate
- Exploitation of derivatives markets with funding rates dropping to -500% to -600%
- Sophisticated market manipulation tactics targeting SOON’s liquidity profile
The attack was executed by unknown actors who profited from pre-positioned short futures while dumping spot holdings across multiple venues.
Proposed Action: 3% Token Burn and Buyback Program
In response to this incident and to restore market confidence, the SOON Foundation proposes the following immediate actions:
Token Burn Plan - 30,000,000 $SOON (3% of Total Supply)
- Immediate Burn: 7,700,000 $SOON (~0.77% of total supply) from unclaimed airdrop allocation
- Wallet: Dpcgon3xvS1Cv6jqZekBaWskfg4cQxKauW4QzGuPVLvv
- Timeline: Within the next few days
- Buyback and Burn: 22,300,000 $SOON (~2.23% of total supply)
- Tokens will be repurchased from centralized exchanges
- Timeline: Coming days following community approval
This initiative aims to:
- Reduce circulating supply and selling pressure
- Demonstrate the Foundation’s commitment to token holders
- Support price stability and market confidence
- Signal strong action against market manipulation
Community Discussion
We invite all community members to share their thoughts, concerns, and suggestions regarding this proposal. Your feedback is crucial as we work together to strengthen the SOON ecosystem and prevent future manipulation attempts.