Plasma founder Paul addressed speculation surrounding the blockchain startup’s token, XPL, on October 1, denying reports of insider sales and clarifying the company’s relationship with external firms.
In a statement shared on X, Paul said no members of the Plasma team have sold any XPL since the token launched, adding that all investor and team holdings are subject to a three-year lockup with a one-year cliff.
Token Sales and Lockup Terms
The clarification comes after online rumors suggested that insiders had begun selling XPL on secondary markets. Paul said those reports were inaccurate, emphasising that the token allocation to team members and investors is restricted.
Plasma, which has about 50 employees, launched its XPL token earlier this year as part of its broader plans in decentralised finance. The company has not provided further comment on trading activity around the token beyond Tuesday’s statement.
Team Composition and Background
Paul also pushed back against claims that Plasma’s staff is primarily composed of former employees of Blast, another crypto platform. He noted that only three members of the team previously worked at Blur or Blast, while the broader group includes professionals with backgrounds at Google, Facebook, Square, Temasek, Goldman Sachs, and payments company Nuvei.
“To say our team is ‘ex-Blast’ is to say it is ‘ex’ any of these firms,” Paul wrote. He added that Plasma stands by the team it has assembled as it develops new financial infrastructure.
Market Maker Relationship
The founder further denied any relationship with digital asset market maker Wintermute, which has been the subject of speculation regarding XPL trading activity. Paul said Plasma has never engaged Wintermute for services and has no more information on the firm’s token ownership than what is publicly available.
The statement marks Plasma’s most direct response yet to circulating rumors since the debut of XPL. Paul said the company does not intend to issue additional comments on the matter and is focusing on its development work. The message concluded with appreciation for the project’s community support, while reiterating that the company’s priority remains building its platform.
