RedStone denies rumors of partnering with Web3Port and Whisper

The modular DeFi oracle RedStone has denied circulating rumors of partnering with web3 acceleration platform Web3Port and market maker Whisper.

RedStone (RED) has dispelled false rumors of partnering with Web3Port and Whisper, stating that neither of these entities have influence on their market activities and have never provided services to RedStone. According to RedStone’s announcement, any claims of the said partnership were false and made without their consent and knowledge. The company demanded that these false claims be removed, but some traces might still be circulating online.

Beyond just dispelling false rumors, it’s clear why RedStone might not want to associate with these entities as any association may have negative consequences—as the firm stated in the announcement.

RedStone’s concerns are not unfounded since both Web3Port and Whisper have reportedly been linked to recent controversies surrounding the manipulation of trading volumes and price stability violations on Binance. Although Binance hasn’t officially disclosed the identity of the market maker behind it, an industry insider AB Kuai Dong suggested a potential connection to May Liu, who is known to run market maker Whisper and is also associated with incubating Web3 projects through Web3Port.

When it comes to market making, RedStone already uses services of other firms with proven track records. Notably, it partners with Keyrock which is known for providing liquidity across major crypto exchanges. It also partners with Auros, a high-frequency trading firm and global liquidity provider processing over $1.5 trillion in trading volume annually. Both Keyrock and Auros are official partners under RedStone’s Guard Program, which requires participants to undergo a rigorous onboarding process, including strict legal checks and performance evaluations to ensure only top-tier partners are involved.

Meanwhile, RedStone’s token RED is up by 4% on the daily timeframe, by 10% over the past week, and 74% over the last month. This suggests that the rumors didn’t affect the price of RED or the firm stepped in early enough to clarify things.