A few weeks ago, CoinExchange (aka “CE”) contacted us and indicated that they would like to help us airdrop DAPS tokens to its users. While we appreciated this offer to cooperate to the advantage of our investors, we had two very simple requirements before continuing negotiations to make the automated airdrop happen:
- Sign a service agreement which guarantees that DAPS tokens will be allocated to Peepcoin holders on the snapshot and to release DAPS from legal liability if the CE airdrop was not correctly executed by CE.
- Disclose their business registration details as is legally required by Australian law, meaning disclosing an ABN and/or ACN number.
Exchange services in Australia must be licensed. See more info here.
Businesses in Australia are also required to disclose their ABN in written agreements as you can read about here.
Other exchanges that we are allocating DAPS tokens to for the automated airdrop have signed the service agreement and we have direct contact with representatives whose identities we know and can verify, for CoinExchange this is not the case.
Despite some community members expressing their concerns about a collaboration with CE, we were looking into a solution that would allow us to work with CE and perform the automated airdrop, while still legally safeguarding the integrity and security of the airdrop process and its rightful claimants as it would have saved time in allocating tokens.
Unfortunately, since CE refuses to sign any agreements, disclose business ID and given their past behaviour (staking users coins and profiting from it themselves) and their current behaviour by stalling the airdrop negotiations with us, we cannot risk claimant’s DAPS tokens and therefore cannot perform the automated airdrop with CE. We do not have faith in any agreements they may sign at this point.
Due to this outcome, users who held PCN on 06/27/2018 at 02:00 UTC, or Peepcoin block 1120535 on CoinExchange must be manually processed. CoinExchange users will have to use a separate exchange claim form as we anticipate between 6-9 thousand claimants. CoinExchange users that had a Peepcoin balance on the snapshot must go through the full manual verification process, providing EMAIL+TRADE LOG+TRANSACTION LOG with screenshots.
We wouldn’t have announced CoinExchange cooperation before any finalization, but their exchange displayed us on their website without prior approval or permission and it also caused panic amongst our community members. We apologize for the unprofessional action of CoinExchange leaking our listing talks and displaying us on their exchange before finalization and forcing a public statement from us that was published on the 17th of July.
The safety of our tokens and community comes first. Our team will make sure all claimants from CE are processed properly despite the extra time it will take. Please be patient if you held on CoinExchange.
Thank you for your continued support.