The Case with Gate io
Dear friends,
KICK ECOSYSTEM Team has been extremely surprised to learn from Gate io exchange with no prior negotiations in place and no time given for preparations that KICK is delisted. Such practice is not considered professional at KICK ECOSYSTEM and provokes honest traders to dump project tokens.
Previously, another exchange announced that the risk of emission (i.e. hodlers’ bonus, which all Kick owners will get on Aug 29) was the reason for the delist, however, we assume that the true reason is the KICKEX announcement made yesterday which was considered by both exchanges as a threat to their business.
To protects our token holders, we must follow the necessary safety instructions, such as burning the tokens to avoid panic sell and dump, that might eventually affect the investors.
The following addresses will be investigated and KICK will be burned.
All the KICK holders of Gate io will receive the tokens following the swap and passing the KYC and after Gate io provides the list of KICK holders on their exchange.
Please note that the new smart contract that is going to replace the existing KickCoin one is Ethereum based, yet significantly amended. It is way more technically sophisticated and no longer features outdated methods that led to higher gas consumption. Therefore, it is very easy to replace the old smart contract with the new one and this also cannot be a reason sufficient for delisting. It is only required to replace the old address in Ethereum blockchain to the new one.
At no point in time, we will allow our investors to be treated in such a manner and we will always stand firm protecting our reputation. Under no circumstances whatsoever such a scenario will be possible at KICKEX exchange. We will always look into fixing the reason for the potential token delisting. A token might be delisted from KICKEX only under the condition that delisting reason cannot be resolved and the project teams of a partner will be duly informed in advance.
We deeply regret that we had to take action in regards to Gate io as we always put partnership and amicable relations as our priority. However, we have no other choice since we have been post-factum notified regarding delisting and consider the funds security an utmost priority. The delisting post https://www.gate.io/article/16960 took place at 2019–08–06 17:23:48 (UTC+3, or 8:23 AM GMT +3).
We have been in touch with all the exchanges to inform them regarding the swap in a timely fashion and answer any potential questions that might arise, however after receiving a post factum delisting notification, our risk team has been forced to destroy KICK tokens on trade.io addresses. Below you can find the links to transactions that occurred.
https://etherscan.io/tx/0x60f45b63811f997f98f1373363d3fc0ea9da859e9b73554e37c0d3cc8e99e6dd
https://etherscan.io/tx/0xf6cda26161cd7f640538d5e839cd8bb0fc28eeb79a0b83457ffa6faf4919fa5f
As clearly seen from the timeline, the token destroy was done following the public delisting notification from Gate io side with no prior attempts from Gate io side to initiate a dialogue to discuss the issue.
If you have been unfortunate to be affected by actions from gate io exchange, please write to support@kickico.com with a subject line ‘Gate io Refund’ and we will assist you ASAP.
We created a new KickCoin pool for a Gate io refund for affected traders of the exchange:
From the pools above, after confirming the KickToken ownership and completing KYC, all users will have their tokens refunded. The tokens that Gate io has accumulated to itself and didn’t distribute to traders thanks to our sponsored airdrops will be liquidated.
To conclude, KICK ECOSYSTEM urges all exchanges to reconsider their attitude to businesses and to projects whose tokens they list. It is necessary for both parties to act in a professional working manner and to respect each other. Projects pay a lot of money for listing and also create trading volumes for exchanges, that get them on Coinmarketcap or Coingecko.
As a note for other projects, the funds that KICK paid for the listing have not been returned.
Please always inform the official team beforehand prior to making decisions important for both parties. We stand that such situations will not be tolerated and therefore the necessary safety steps to protect our investors are taken.
KICK would like to highlight the following exchanges partners that supported the upcoming swap: Billaxy, TOKOK, Bitcratic, Mercatox, Livecoin, IDEX, EXMO, Kucoin. Thank you.
KICK ECOSYSTEM TEAM
