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Phantom, a multi-chain crypto wallet provider, faced significant backlash after a perceived partnership with Ace of AI misled investors. The confusion arose when Ace of AI announced a partnership on social media, leading to a surge in the value of its token, ACE. However, Phantom later clarified that there was no official partnership, resulting in a dramatic drop in ACE's value.
The incident highlights the importance of clear communication in the crypto space, as many investors felt misled and reported financial losses. Phantom's initial engagement with Ace of AI was misinterpreted, leading to accusations of negligence. This situation serves as a cautionary tale for companies in the crypto industry regarding the potential consequences of ambiguous messaging.
• Phantom's unclear communication led to investor confusion and significant losses.
• ACE token's value dropped over 90% after Phantom's clarification on partnership.
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