SAN FRANCISCO, California, March 8, 2019
Cryptyk today announced the listing last week of its CTK Token digital currency on Singapore crypto-currency exchange Cointiger. This comes after recently closing its CTK Token Sale in which over 200M CTK were sold to accredited investors and crypto-currency funds. After a week of hectic trading and profit taking by large crypto funds, the CTK token has now stabilized in the 0.005 USDT range with around 2M to 3M CTK daily trading volume. Cryptyk CEO Dr. Adam Weigold commented today that "it was definitely a very bumpy volatile listing process with two of our major token sale investors from China deciding to pump and dump us for quick profit taking. Not only did they violate the escrow conditions of their purchase contract, they ultimately lost approxmately half their money from their unethical trading tactics. Unfortunately this pump and dump scheme by these bad actors has also hurt the current trading price of CTK which, after quickly reaching a peak price of 0.2 USDT, dropped to as low as 0,0001 USDT on the first day of trading. If it were not for Cryptyk management deciding to use a large amount of the funds raised during the CTK Token sale to purchase back tokens off the Cointiger exchange the damage could have been much worse. This strategy effectively saved CTK from being delisted in its first week of listing - which is the typical end result from a pump and dump scheme. Fortunately the CTK Token price has now stabilized at 0.005 USDT which is around 20% of the original Token Sale price before listing."
Dr. Weigold added that "we feel confident that over time we will slowly build up both the price and trading volume of CTK so that it becomes a highly valuable liquid digital asset that returns profits to all original token sale investors who have a long term investment strategy. Key to building CTK price up to above the 0.1 USDT price range will be the release of Cryptyk cloud storage products for consumer applications in early 2020. The release of these decentralized storage products will give the CTK Token true token utility enabling the price to increase with cloud storage adoption. We would like to thank all the token sale participants who did not dump their tokens in the first few days of listing for their loyalty and trust in the Cryptyk team and our technology. We will be doing everything in our power to deliver you rewards for that ongoing trust."
Cryptyk Cloud Storage Products: www.cryptyk.com
Investor and CTK Token Information: www.cryptyk.io