Chingari’s crypto token loses nearly 90% of value

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Editor's note: At about 9.45 pm last night, GARI, the crypto project of short-video app Chingari, had its first major black swan event. A user with a big bank of the project's cryptocurrency tokens (also called GARI) placed a large sell order on Seychelles-headquartered exchange KuCoin, instantly liquidating the token. (We have written about Chingari’s crypto project in depth before.) The price of the GARI token tumbled about 86% from $0.73 to $0.10 in the span of about an hour, according to data on crypto exchange Coinbase. Almost immediately, holders of the token on the GARI Telegram group began to speculate what might have led to the crash. The team behind the project issued a statement early this morning that there had been no hack, but that a single large holder, commonly referred to as a whale, had dumped millions of tokens on the market.  The real reason, Chingari founder Sumit Ghosh said during a Q&A session with users today, was a sell order amounting to nearly 2 million tokens. “In a matter of five minutes, the whale dumped tokens and our …