Plasma CEO and Founder Paul Faecks Defends Team Amid XPL Token Selloff

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Plasma (XPL) CEO and Founder Paul Faecks has defended the team members from a previous unconfirmed allegation circulating through social media. Paul has posted on X stating that the rumors circulating, since the launch of XPL, are not grounded in truth thus causing the community’s fear, uncertainty, and doubt (FUD).

Plasma Founder Defends the Project

During the past few days, the XPL holders were hit with rumors that the same developers of Blast (BLAST) and Blur (BLUR) migrated to Plasma. Notably, both Blast and Blur projects have suffered heavy losses in the last few months, with their respective tokens still down around 90% at press time.

As such, Paul issued three defensive tackles to set the records straight:

• No team members have sold any XPL – Paul reassured the Plasma community that investors and team members’ XPL tokens have been locked for three years with a one-year cliff.

• Professional Plasma team – according to Paul, the Plasma team consists of around 50 members with three members having a background from Blast and Blur. He noted that the Plasm team also came from Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei.

• No communication with Wintermute – According to Paul, Plasma has not engaged with the Wintermute market maker.

“We are laser-focused on building the future of money and won’t be commenting further. We remain incredibly grateful for our community’s support. Now back to work,” Paul noted. 

XPL Price Remains Under Pressure

After a highly hyped market launch, the XPL price has dropped over 43% in the last four days to trade about 94 cents at press time. During the past 24 hours, XPL price dropped 6.6% while the wider crypto market gained in value. 

Nonetheless, XPL and Plasma are well-positioned to grow exponentially ahead amid the mainstream adoption of stablecoins. According to market data from CoinMarketCap, XPL has a market cap of about $1.69 billion and a 24 hour average traded volume of around $2.89 billion.