GARI, a cryptocurrency launched by Salman Khan, has fallen by almost 90%; A statement has been issued by the spark network

GARI, a cryptocurrency launched by Salman Khan, has fallen by almost 90%; A statement has been issued by the spark network

GARI, a cryptocurrency introduced by Salman Khan, dropped dramatically this week, plummeting over 90% from $0.75 to around $0.1. There has reportedly been a significant decrease in volumes as well. While there were allegations that the cryptocurrency's decrease may have been the result of hacking, GARI Currency's spark network debunked these assertions in a post on social media. 

Recent sources claim that the significant drop was brought on by a huge investor who sold GARI for $2 million. According to a Coinmarketcap report, recent token trades totalling $56.43 million have further devalued the currency. The currency's slide was first noted on Monday when the exchange rate fell by 87 percent from $0.75 to $0.1, but by Thursday it had slightly increased to $0.132. Happened.

 

Although there was a sharp reduction in the value of the cryptocurrency after this, there were speculations that this was the result of a hack, which spread fear. However, dispelling those rumours, GARI (Spark Network) issued a note on their Twitter account that read, "We at GARI Network announce that the tokens after careful review. Since no unauthorised hacking has been discovered, the phenomenon appears to be a market phenomenon.

We reassure the community that every token is secure in its corresponding reserve. We are monitoring the exchanges and evaluating the situation constantly. We respectfully ask everyone in the neighbourhood not to freak out. Regarding any new developments, we'll keep everyone informed.

 

With Gaar, Salman Khan became one of the first Bollywood celebrities to venture into the world of cryptocurrencies and deepen his connection to the Spark network.

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