Distribution of MEET And Official Clarification By KuCoin
05/05/2018, 20:25:50
Dear KuCoin Users,
As the people’s exchange, KuCoin is always in the pursuit of offering high quality projects to our users but we have zero tolerance to those projects that come with high risk and have indications of being a fraud.
On the 2nd of April 2018 at 11:03 (Singapore time) KuCoin was informed by CoinMeet that there was maintenance of the wallet needed. KuCoin took action on CoinMeet request and proceeded to disable the deposit function for MEE and we also made a risk evaluation at this point.
With extremely short notice on the 2nd of April 2018 at 12:36 (Singapore time) CoinMeet had decided to make a 1:1 ratio from MEET to MEE based on Ethereum Blockchain height at 5364888.
Based on the above facts KuCoin decided on the 16th of April 2018 at 17:04 (Singapore time) to officially publish the delisting announcement for MEE and also shut off the trading function after internal discussion with our team.
Later on the 16th of April KuCoin’s Business Department communicated with the developers of MEET and explained to them that their token did not meet KuCoin’s listing criteria and as a final result MEET could not be listed on KuCoin.
KuCoin later on calculated the balance on all users’ accounts after extracting the snapshot for all accounts holding MEE. At this point we found out that the total balance of 4071084.15358 MEET to MEE was not sufficient, which resulted in us being unable to provide the sufficient 1:1 ratio from MEE to MEET. We were missing a total of 1051725.84642 MEET to be able to complete the airdrop.
We have kept close contacts with the developers of the project and were asked to re-check the balance of MEET. Unexpectedly we also found that the developers did not distribute enough MEET to all MEE addresses on the given blockchain height of 5364888, this resulted in some addresses that was entitled to receive MEET did not.
We also found multiple deposit addresses that were holding MEE had not been calculated in the mapping.
An address with 900,000 MEE (https://etherscan.io/address/0x943dd6db2dd22d0bade5b061fe989770e1695a57#tokentxns) was also left out from the mapping of MEET.
We have been keeping a positive attitude in hopes this would get resolved by the project’s developers but after many tries we have not yet seen any form of cooperation from the projects developers to compromise for the missing tokens.
Without the help from the project we could not distribute the tokens and users got upset due to misunderstandings, we could not provide the users at that time with the tokens.
KuCoin has received the mapped MEET tokens from the developers, but we are still missing 1051725.84642 MEET.
As we always seek to do the best for our users we have distributed the MEET to all eligible users, MEET withdrawal will continue to be supported until 18:00 (UTC+8) on May 19, 2018 and the ones that got affected by the insufficient balance, KuCoin will compensate by distributing BTC to the equivalent amount of MEE (1MEE=0.0000084325BTC).
We will inform you when the distribution process is to begin.
If you want to have further details about Airdrops and Forks on KuCoin please follow the link bellow.
https://news.kucoin.com/en/clarification-regarding-airdrops-and-forks-on-kucoin/
Thank you for your support and understanding.
The KuCoin Team