Ignition Says Former Team Member Sold 15 Million IGNITION Tokens

Ignition, a token launch platform on Robinhood Chain, said a former team member sold 15 million IGNITION tokens on October 23 after transferring them from a developer wallet without the approval of other team members. According to ChainCatcher, the tokens were moved from wallet 0x7d17...69B9 to a new wallet and sold seconds later, with the proceeds sent to the former member’s personal wallet, which had also received their creator-fee share. The platform’s official account issued the explanation after about a week of silence. It said the former member no longer agreed with the project’s direction and was no longer part of the project. Ignition has transferred creator-fee permissions to a new wallet controlled by the remaining team. The team said the launch platform remains operational, the Hook Layer testnet is running, and Hook Pad remains open to developers. Its plans include moving creator fees to a team multisig wallet, publishing lists of fees, treasury and team wallets, advancing the Hook Layer mainnet, and resuming weekly updates. The team also said the transactions had already been visible on-chain and that it would provide explanations proactively in the future. According to the project’s website, Ignition’s tokens are fixed-supply ERC-20s that trade in Uniswap v4 pools from their initial block. Hook Layer is a chain built on Robinhood Chain, uses IGNITION for gas, and lets developers configure hook modules for tokens through Hook Pad.