Insiders at crypto AI startup Venice allegedly sold $10.2 million worth of the platform's Venice token immediately after its launch. The token, which had initially peaked at $19.38, has since dropped by nearly 63%. Onchain data analyst Amir Ormu accused the Venice team of dumping tokens on their own community, claiming that 16 wallets funded by a Venice team multi-signature wallet held 23% of the total token supply. He also accused market makers Wintermute and Kbit of quickly selling their portion of the token before it was even listed. Ormu criticized Coinbase for listing the token, suggesting that it targeted naïve investors. However, Venice founder Erik Voorhees argued that the token distribution was transparent and onchain.



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