FUD !!!!
DON’T BELIEVE THESE GUYS
THIS IS A COPY FROM REDDIT.
https://www.reddit.com/r/Oyster/comments/895bm2/clarification_on_snapshot_movement_and_dev_funds/Dear Oyster Community,
Given the events of today and in the sake of transparency, we wanted to address the community around a few controversial items and make sure everyone was aware of where things stand.
SHL Airdrop – This delay was quite unfortunate. We received word that we were moving forward with April 13th this morning and posted the news within our Medium post shortly thereafter. We originally reached out to KuCoin in mid-February around collaborating on this event and unfortunately things dragged out much further than we would have like. After hearing back from the KuCoin team this morning, April 6th posed a threat to KuCoin’s ability to participate in the airdrop and noted that April 13th would provide enough time for the team to be comfortably prepared for this event. We realize there is some disagreement within our community on making this decision but we view KuCoin as a strong business partner and believe this is the best path for SHL’s long-term success. With KuCoin supporting the airdrop, we believe that our odds of eventually trading on the platform have improved exponentially. Without their support, we would have limited options in the way of exchanges to provide our investors liquidity, which is particularly critical to establishing value for an airdropped token. We wish we would have been able to accomplish this all by April 6th but we had to make the decision to push back the snapshot date in the best long-term interest of the project.
Wallet Movement – As announced earlier today, we moved 6.7M from the main wallet to one of our holding wallets. These funds cover a wide variety of items, including (but not limited to):
• Long-Term Incentive Comp for Management
• Operations (salaries, services, marketing, PR, software, etc.)
• Other One-Time Items (listing fees, project-related fees, etc.)
As we have committed to quarterly movements (originally, at the behest of the community to provide better clarity around changes to our main developer wallet), we tend to over-estimate our funding need and envision that we will not need to move or sell that amount in order to raise any necessary funds. Given the volatility within this space, we would prefer to be conservative there than potentially underestimate a funding need due to near-term selling pressure.
Unlike traditional ICO’s, the Oyster team is not sitting on a treasure trove of funding that provides cash runway for years to come. We need to continuously raise funding in order to keep everything in motion and unfortunately that means we need to occasionally sell PRL into the market. As a business (and as the only individual selling PRL in the company’s name), we go out of our way to ensure any sales we do ultimately make have no significant market impact and never “bully” the market. We realize the timing of the wallet movement with the airdrop delay announcement was a poor look optically but this has been publicly stated since mid-February. Any allegations of impropriety leading up to the SHL announcement are without merit.
Regardless, we apologize for a tumultuous series of events and any near-term volatility that may have occurred as a result. We are supremely confident in the near and long-term vision of the project and hope all within our community feel the same way.
Thanks,
Bill (CFO)
