Reef responds to Alameda's accusations: they sold the tokens on Binance right after receiving them, yet claimed to be long-term investors

This article is an original piece by Chain Catcher, authored by Gu Yu.

Last night, the well-known investment institution Alameda Research accused Reef Finance of not adhering to off-exchange trading agreements and refusing to conduct REEF token purchase transactions, thus advising the public against engaging in any business with them. This incident has attracted widespread attention in the market, with the price of REEF tokens dropping by as much as 36%.

At 3 AM Beijing time, Reef Finance CEO Denko Mancheski responded to Alameda Research's accusations, stating that after the investment institution purchased $20 million worth of REEF tokens at a 20% discount, they immediately transferred all of them to Binance and sold them. Subsequently, Alameda expressed interest in reinvesting $60 million, "but due to doubts about Alameda's long-term interest in becoming a strategic investor, we did not proceed with the additional $60 million investment," Denko Mancheski stated.

According to screenshots released by the project, the Reef Finance deployer address transferred 675 million REEF tokens in batches to an address starting with "0x94e5" on March 8, and one hour later, all tokens were transferred to an address marked as "binance," which indicates that this address belongs to Binance's deposit address, rather than an independent address from Alameda.

"The Alameda team refused to provide a legitimate contract for the transaction and requested to operate based on 'trust,'" Denko Mancheski said, "which is very confusing."

A few hours later, Alameda Research responded to Reef Finance's statement, indirectly admitting to selling part of the REEF tokens but also stating that the accusation of Alameda immediately selling all REEF tokens is inaccurate. Previously, Alameda Research trader Sam Trabucco also pointed out on Twitter that the institution still holds the majority of the REEF token shares.

In the article, Alameda Research stated, "Reef claims that we initially invested $20 million and also expressed our interest in reinvesting $60 million, but that is not true. We initially agreed to a $80 million transaction, but after the first payment, Reef abandoned and rejected the subsequent payments."

At the same time, Alameda Research further provided chat records with the Reef Finance team to support its statement. "We believe the transaction was clearly agreed upon, and the subsequent withdrawal was a malicious act by Reef."

In their latest response, Alameda also stated that if the issue is not resolved, they will work with exchanges like Binance to delist REEF. Currently, FTX has initiated a poll on its official Twitter and Telegram group, asking whether REEF tokens should be delisted.