On August 9, Gate io exchange has made a public notice that KICK ‘initiated one of their smart contract methods to transfer all KICK tokens from two of Gate.io’s addresses to themselves’. We feel that clarification might be required in this regard.
KICK Team has consciously destroyed the tokens on Gate io, not ‘transferred to themselves’ and created a special refund pool that belongs to the affected traders, not the team.
Once again we want to outline and clarify the reasons for such a move. Gate io exchange has suspended KICK deposits back in July. Gate io has requested action from our side for the deposits to be reopened which included publishing the detailed information regarding the SWAP Campaign, Emission Plan and the Buyback Scheme.
Our Team that initially had not planned to rush the announcements has proceeded with actions due to the pressure from Gate io side. As soon as we have made the required information public, thus fulfilling the agreement terms, Gate io failed to deliver from their side, did not open the deposits and announced the delisting of KICK coin without any prior warning or information and not giving any time for the preparation.
Moreover, GATE io demanded their traders to withdraw funds before August 29. Due to a proven track record of dishonesty from Gate io side and ‘damage that cannot be undone,’ we had all the reasons to believe that KickCoins that will not be withdrawn by traders might be seized byGATEs. Therefore, to protect all traders we had to action.
To protect our token holders, we activated the necessary safety instructions, such as burning the tokens to avoid the panic sell and dump, that might eventually affect the investors.
While investigating the case, KICK Team has found that only 574,996,980 KickCoins were subject to the refund, while 629,389,216 KickCoins were destroyed. With this, it is clear that Gate io has appropriated the bonus airdrops and other promo tokens intended for the traders to itself and did not distribute them to the users.
We condemn such actions and will share 54 392 236 KickCoins that GATE wanted to seize themselves between all affected traders.
KICK has requested the information to proceed with the refund from GATE io. It has provided some information yet not enough for the refund to happen. Our team has requested extra details and is waiting to hear back from Gate io side. We are looking to receive the first 2 letters of first and last name of traders, so we can compare against the emails that are mostly encrypted. As soon as Gate io provides us with the necessary data, we can filter out the fake requests and determine the amounts for the refund.
The refund will proceed after the Swap that will take place on August 29 with the new KickTokens. Moreover, all unfortunately affected traders will receive the bonus KickTokens according to their balances taking into account the other 54M Kick that is to be divided. You can see the table of rewards below:
Because of the upcoming Swap the KickTokens will be refunded with a bonus, where the bonus KickTokens will be frozen as earlier stated in the Swap conditions. Non-bonus KickTokens will be available for use right away, and can be moved. But in order to keep the bonus KickTokens — the holder must follow the Swap Bonus conditions. Otherwise, the bonus KickTokens will be burned if the conditions in the KickToken Swap article are not met. This doesn’t affect non-bonus KickTokens in any way.
We believe in trust, honesty and transparency. Those are the keys to success and we are doing our best to solve this situation. We urge each of you to contact Gate io with the request to handle us the missing information as soon as possible, so we can refund YOUR KICK and credit all designated bonuses and rewards.
If you have any concerns or have been affected by the situation please write to firstname.lastname@example.org
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