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October 18, 2017, 12:08:54 AM |
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Hello everyone,
Today has been a very hectic day and we appreciate your patience as we compiled this blog post surrounding the events that are currently unfolding. Earlier today we made an announcement regarding our status going forward with CWX. Information has come to light that indicates that the original developer of CWXT may possess as much as 80% of the CWXT coin supply.
We have investigated the claims discovered and the block explorer is in indeed, faked. Although, it is the real CWXT network, the block explorer is displaying the coin supply as much higher than what is actually in circulation - meaning balances are not correct. We are now certain that the original dev does hold a very significant stake in CWXT. As many of you know, wallet addresses are generally anonymous, so although this specific address known to be owned by the original dev was discovered to possess a large balance - it is possible that he may have additional wallets aside from just the one we are currently aware of. We also have no way of determining if the coins are accessible or not.This poses a huge risk to the CWX protocol moving forward. As previously discussed, due to the risk of centralization, we will not be engaging in a token swap out. That being said, It is our priority to ensure that we do not leave our currently invested community members behind, we will continue to move forward in the most effective route possible. We understand our community members have fully supported our journey up to this point, which we are extremely grateful for. Our community currently hosts approx 275 members. We have taken a snapshot of the member list to ensure validity and to ensure that each member is accounted for. We recognize the importance of ensuring all our members are properly acknowledged for their commitment to our development.
We will be posting a submission form on our website in the following day(s). This form will require you to submit your full name, telegram username, email address, ETH address, CWXT address, and the current amount of CWXT that you hold in your wallet. At that time, we will validate all the data received. Once validated, you will be required to hold your current CWXT until our ICO has been completed. Upon completion of our ICO, If you still hold your CWXT, you will awarded with 35,000 CWX to your ETH wallet balance at no charge. Due to the fact we are unable to verify the exact amount of CWXT held by each member of the community at the time of the occurrence, or how much CWXT users may have sold or bought at the time of discovery, we have chosen an amount of 35,000 CWX to be given fairly to each member that was in our telegram at the time the snapshot was taken.We feel this amount is a fair and equal way to ensure our current community members, supporters and investors are not damaged by the losses they may have incurred due to our new discovery. After distribution of the new CWX token, users will be free to do as they please with their stakes of CWXT. Please note, members who do choose to keep CWXT in their wallets should be aware that it will continue staking during this process which means your balances / net worth will grow as well.
We have set an amount of 10,500,000 CWX to be allocated to our community members of CWXT, this will allow for 300 members (just above our total member count) to each individually claim 35,000CWX for their stake in CWXT. We will be running an ICO in the coming weeks with the remaining 8,833,333 tokens, we hope to invite new community members to join our project. This will create a base market cap for CWX and help ensure the community has adequate funding for the development moving forward.
We would like to extend our thanks to all our community members, thank you for believing in our development and thank you for being part of our growing community. We hope we can continue to receive your support going forward as we continue on the next steps of our journey together .
Much Love.
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