Arc Live Stream Panic Triggers Sell-Off Amid Post-Traumatic Stress Response
The recent Arc public chain live stream for its mainnet launch ended in disaster when several South Asian developers appeared on camera.
Crypto investors were quick to react, with one Portuguese investor remarking, 'Is this the @arc team? Should I be worried? They told me to sell.'
Another investor was more direct, saying, 'I just sold everything I had on @arc after watching this live stream.'
The appearance of these developers triggered a massive sell-off in meme coins and related platform tokens on the Arc chain, with some plummeting 40% to 75%
The community's reaction was not prejudice, but rather a post-traumatic stress response.
A look at past crypto scams reveals that Indian promoters have been involved in several high-profile schemes, including BitConnect and GainBitcoin.
These incidents have cumulatively resulted in over $8.6 billion in losses for Indian investors since 2015.
The Arc live stream's poor video quality and background design also contributed to the community's panic.