DeFi Technologies slams CoinSnacks for 'defamatory' report, sending its stock tumbling 28%

According to Jinse Finance, DeFi Technologies Inc., a provider of exchange-traded products, harshly criticized a "defamatory" and "misleading" report earlier this week, which claimed that its stock "did not rise for the right reasons", causing its stock price to plummet nearly 28% on June 18th.

CoinSnacks reported on Tuesday that the Canadian-based ETP provider had initiated "suspicious email activity" and paid cryptocurrency influencers to promote the stock, causing it to rise 3,400% in the past 12 months.

In a press release, DeFi Technologies stated that CoinSnacks' report lacked evidence and accused it of being "commissioned by short sellers" to deliberately suppress the stock price, which CoinSnacks denied.

DeFi Technologies' stock price closed at 3.10 Canadian dollars on Monday and has risen nearly 320% year-to-date.