Salman Khan endorsed crypto, GARI crashes 80%; what caused the crash? 

GARI cryptocurrency, the crypto endorsed by Bollywood actor Salman Khan has crashed over 80 per cent allegedly because of rumours about a hack. The company came on record and refuted all rumours.  

Why did GARI crash? 

The company announced in statement that a investor who held a significant amount of the supply dumped $2 million worth of GARI, which precipitated the crash of the token. GARI, which had been trading around - $0.80 last Tuesday dropped as low as $0.10 on Monday evening. The cryptocurrency witnessed a crash of over 80 per cent. The token is trading at $0.1617 as of 13:00 IST on Wednesday as per data from CoinMarketCap.  

The promoters of GARI said in a statement, "We guarantee that ALL tokens are secured in their respective reserves. We are constantly monitoring the exchanges and evaluating the situation. All community members are humbly requested NOT to panic. We will keep you informed of any new developments.” 

Moreover, the company further added, "The market makers did not provide sufficient liquidity to support the price, so more accounts on the KuCoin exchange were liquidated, bringing the price to 3 cents," the platform explained. GARI network said on record that this incidence was a ‘passing black swan’. 

What is GARI and how does it work with Chingari? 

The GARI token was introduced in October of 2021. The company says that it was launched with the intention of assisting Indian creators in monetizing their content on the Chingari short video application. Chingari, which was founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak, allows users to download and upload short videos. The cryptocurrency GARI is earned through in-app activities such as video creation, liking, and sharing. Recently, GARI Network announced the launch of the GARI Mining Program, which is meant for viewers and creators that actively engage with the network. 

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