Seraph announced the use of project reserve funds to repurchase tokens equivalent to no more than 5 million USDT from major trading platforms and the Pancake liquidity pool.

BlockBeats news, on July 16, $SERAPH experienced concentrated dumping from multiple external addresses on July 12, causing severe price fluctuations across platforms in a short period. After the incident, the Seraph project party quickly organized resources for emergency intervention, rapidly executing multiple rounds of Token buybacks on-chain with major trading platforms to curb the abnormal fall and stabilize market sentiment. Although this incident has brought short-term impacts, it will not change the fundamentals of Seraph’s long-term development. S3 season rewards and 30-day stake activity rewards will be distributed as originally planned. We sincerely apologize to users affected by this round of fluctuations and thank all supporters for their patience and trust shown during this critical moment. Seraph will continue to actively maintain market order and safeguard the value built by the community through stronger on-chain risk control mechanisms and transparent communication.