ESPORTS Plunges Over 90% in an Hour, Market Cap Slides to $33M

Huo Xing Cai Jing reported that ESPORTS plunged more than 90% within an hour on May 25, sending its market capitalization down to $33 million. Onchain data shows addresses tied to the ESPORTS team have finished selling all 60 million tokens, booking profits of more than $6 million. About two months earlier, wallets linked to the team unlocked over 60 million ESPORTS from a Gnosis Safe multisig wallet controlled by the project team and VCs.