Solana-Based Chingari Tokens Plunge 87%, Developers Flag Big Sell Order

The team denies rumors of an exploit or insider trading.

AccessTimeIconJul 6, 2022 at 12:55 p.m. UTC
Updated May 11, 2023 at 6:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Tokens of Solana blockchain-based social network application Chingari (GARI) dropped 87% on Monday night, prompting rumors of exploits or wrongdoings within the community.

Developers, however, said in a Wednesday statement that the drop was likely due to a single sell order of over $2 million by a large GARI holder that affected the price. They further denied any reports of an exploit or hack.

“The $GARI token was affected majorly on KuCoin,” developers said, referring to the crypto exchange. “The reason identified is the $2 million market sell order at 16:10 UTC on 4th July 2022, pushed the token price to $0.14 suddenly as the market maker didn't provide enough liquidity to handle it.”

GARI tokens plunged following a large sale on Monday night, developers say. (TradingView)
GARI tokens plunged following a large sale on Monday night, developers say. (TradingView)

Developers said the $2 million sell order and lack of liquidity caused cascading liquidations on KuCoin, which sent prices from 71 cents to as low as 3 cents. Prices bounced to the 10 cents level in the hours afterward.

The team denied any wrongdoing. “We confirm that there was no insider trading,” developers said, linking to a blockchain wallet that holds the team’s allocated tokens.

Chingari has had more than 50 million worldwide downloads on Google Play, with its largest user base in India. The application has previously raised $19 million in a seed round with investors such as RepublicCrypto, Solana Capital and crypto exchange Kraken.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about