DeFi Technologies' recent stock price surge has raised eyebrows, with CoinSnacks releasing a report suggesting that the company's promotional activities and support from high-profile investors may be behind the increase. However, DeFi Technologies has hit back, calling the report "defamatory" and "inaccurate", and speculating that it may have been commissioned by short sellers seeking to depress the stock price.

The report by CoinSnacks highlighted DeFi Technologies' paid email and influencer campaigns, as well as its increased media exposure, as potential reasons for the stock price surge. The company's association with well-known cryptocurrency investors Anthony Pompliano and Will Clemente, whose market analysis company was acquired by DeFi Technologies in January, was also cited as a possible factor. However, DeFi Technologies has denied any wrongdoing, stating that the report contains "misleading statements" about its practices and financial condition.

The controversy has had a significant impact on DeFi Technologies' stock price, which plummeted 35% to 2.24 Canadian dollars per share on Tuesday. The company has responded by announcing that it had received a $15 million acquisition offer from a Canadian investment bank on June 10, which it deemed to be a low offer considering its newly acquired financial strength. DeFi Technologies also revealed that its funds alone were worth $60 million, with $7.9 million converted into Bitcoin.

DeFi Technologies has accused short sellers of engaging in market manipulation, stating that the coordinated operation of short sellers and the publication of misleading reports about listed companies constitute a deliberate attempt to depress the stock price. The company's decision to use Bitcoin as its main treasury reserve asset, announced on June 10, has also been seen as a potential factor in the stock price surge.

The controversy surrounding DeFi Technologies' stock price surge highlights the ongoing challenges and uncertainties in the cryptocurrency and financial markets. As the situation continues to unfold, investors and observers alike will be watching closely to see how the company's stock price and reputation are affected.