ZeroBase (ZBT) plunges 11% one day after listing…Community controversy over token transfer circumstances

Minseung Kang

Summary

Reported that ZeroBase (ZBT) recorded an 11% decline one day after its Upbit listing.
The community raised controversy over the token transfer circumstances, but ZeroBase stated it was a liquidity provision and cross-chain bridging process.
The project is discussing a plan to transparently disclose the transfer details through official channels.

The blockchain-based zero-knowledge proof (ZK) project ZeroBase (ZBT) has been on a downward trend since its Upbit listing.

As of 23:05 on the 18th, ZBT is trading on Upbit at 565 won, down 11% from the previous day. ZBT, which had a short-term surge immediately after its listing the previous day, fell more than 10% during the day and continued its weakness.

That day, Telegram community channel WG Archive reported, "There exist approximately 35 million ZBT tokens bridged through Binance Smart Chain (BSC) from a wallet related to Mirror Tang, the founder of ZeroBase, and signs that some of these moved to multiple exchanges were detected." It added, "Some accounts that deposited to Upbit and Bithumb are identified as newly created addresses."

Meanwhile, ZeroBase's side is reported to view the transfers as procedural movements that occurred during liquidity provision and cross-chain bridging. The project is also reportedly discussing a plan to transparently disclose the related details later through official channels.

Earlier on the 17th, Upbit began supporting ZeroBase's KRW market trading. ZeroBase is a project developing a decentralized zero-knowledge proof network with a Hub-Prover structure, supporting privacy-focused applications such as zkLogin, zkVote, and zkDarkPool.

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