CHIM Listing Issues Successfully Resolved And Explained
The Chimeras project would like to explain the unpleasant situation that took place on October, 28, when 3 IDOs on the Ignition, BullPerks, and RedKite platforms and the listing on Pancakeswap were held (IDO on the Poolz platform was held 2 days before).
The IDOs took place eventually and the project’s native token was listed on Pancakeswap. Still, some residual questions remain about what happened. The essence of it boils down to the following.
At the time of listing, the technical team made a mistake and listed the token for $0.06 per token instead of $0.6. This was the result of human error. As such, we placed no restrictions on the token. This error was immediately discovered and the team quickly made a decision to buy back all the tokens at a reduced price so that by the time of claiming by the users, the token’s price would be higher than the public sale price, namely $0.6 per token.
The team bought back all the tokens listed at $0.06 to $0.35 and across the market margin to raise the price back to $0.6 based on supply and demand.
At present, the token has already achieved about x3 at price and the feedback coming from the community chats is largely positive.
The project team has proof that all the tokens were indeed bought back and were not distributed openly on the market. Only a small fraction of the tokens were purchased at a price below $0.6 and the team is currently investigating the situation to determine the true number of such purchases. All the tokens that had been purchased at the start of the IDO at an erroneous price are currently under control.
Details of the token buyback transaction by our project:
The RedKite platform made a decision to stop the IDO on their platform while observing technical issues with the listing. After further investigation, the error was resolved, but since the it had already been announced — it was not possible to undo it. The project team understands that this decision was difficult for all parties involved and extends its apologies to all, especially to Chimeras’ partner RedKite and IDO participants.
Anyway, we keep good relationships with RedKite and the team will announce a new competition for the Chimeras community, which will be timed to coincide with the upcoming NFT sale round. More details will be announced soon.
It was decided to burn the tokens to remove all possible doubts about the project’s position on the matter. The tokens will be burned in full volume in the next few days. To add positivity, the project has injected a significant amount of liquidity to support the token and locked 100% of it for 6 months.
This month was very intense for the Chimeras team: we have finished a private round, had 4 IDOs and a listing. We have coped with all the challenges and are moving on. Expect more announcements related to the product, disclosure of various game mechanics and characters — chimeras, as well as new partnerships with CEX exchanges.
Thanks for your support.
