Update on Exchanges: Trading is resumed on Exmo while deposits on HitBTC put on pause
Please, read below the detailed explanation and be informed
Dear Kick Community members,
KICK Team has an important update!
Due to the temporary suspension of FrozenDrop, the team had to pause KICK/BTC trading on Exmo exchange. Together with the Exmo exchange staff, we quickly dealt with the situation, and the trading has been resumed.
Extra emission of frozen tokens (KickTokens) was distinguished correctly and not taken for the deposit on the user exchange wallet. Accordingly, tokens were not displayed on the exchange account as a liquid. Thus, users could not sell them. We emphasize that there were NO tokens sold from the FrozenDrop emission.
What has happened on Exmo exchange?
After a careful analysis of the situation together with Exmo exchange team, we came to the conclusion that the reason for the sudden “panic sell” was a lack of understanding among some users of the FrozenDrop working mechanisms. Since not all traders are subscribed to the official Kick Ecosystem news, it is most likely that they misunderstood what FrozenDrop is all about. Traders saw only some transfers to their exchange wallet addresses, however, tokens were then not displayed on the balance. In relation to the whole situation, the price of KickToken unreasonably decreased, following a critical decrease in liquidity and at our request, all trading of KICK / BTC pair was temporarily suspended at Exmo.
The case with HitBTC
Further, we want to inform about the temporary suspension of deposits on the HitBTC exchange. Unfortunately, the exchange was not prepared to support the FrozenDrop, therefore, at the request of the Kick Ecosystem management, all deposits are temporary suspended.
Users can only “unlock” the FrozenDrop tokens after the official launch of the KickEX exchange, which is scheduled for the 1st quarter of 2020. The “unlock” process will take place gradually and will be supported by our “buy-back” mechanism. We intend to buy back more tokens and do it faster before all the FrozenDrop is completely unlocked.
We want to highlight that we are very pleased with the overall marketing results thanks to the FrozenDrop tool. The number of new users has grown significantly and continues to increase. More and more new people are actively joining the Kick Ecosystem chat groups and moving on to the KickRef referral program, forming an amazing synergy.
We are confident that KickEX exchange will have a powerful launch and benefit of all our users, thanks to FrozenDrop. We ask you to support the unique FrozenDrop by spreading out the word, and to continue developing the KickRef referral program so that together we create a great future for everyone!
Once again, apologies for any inconvenience,
Kick Ecosystem Team