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Techub News reports that Nillion announced on X that nilChain will cease operations on March 23. Users who still hold NIL tokens on Cosmos must migrate them to Ethereum. After the shutdown, users will no longer be able to perform standard transfer operations.
Techub News: Alex Page, co-founder and CEO of Nillion, tweeted that a market maker previously conducted unauthorized sales of NIL tokens. Multiple parties have requested Nillion to identify the involved party, but Nillion is unable to disclose their identity legally due to confidentiality clause restrictions. Violating these clauses would harm the ongoing legal negotiations and impact the process of recovering funds and tokens. The current legal team is actively negotiating with the market maker to recover the unauthorized sold tokens.
Techub News reported that Nillion tweeted regarding the abnormal price fluctuations of NIL, "Neither team tokens nor treasury tokens have been transferred. We assure our users, community, and partners that all Nillion wallets remain completely secure. The network is operating normally and will not be affected in any way. We are investigating this external variable and will announce the findings as soon as possible."
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