The TKN & Bittrex situation


#1

This thread can also be found on reddit:

Hey All,

I wanted to address the current Bittrex situation directly and transparently. The events leading up to today:

  • Exactly a week ago we received an email from an employee at Bittrex who requested us to fill out a large backfill document. She also request us to share and provide a number of other more exotic legal files. Some of which we have, some of which we do possess yet and would need to be drafted. She wanted it all within 5 working days.

  • Drafting legal documents takes time and should not be done lightly. Besides interacting with lawyers can sometimes be a lengthy process.

  • The employee explicitly requested a director of the business to fill it all out. Which would be either me or David.

  • As it happens, by the time I received the email I was already en-route to the US to attend several meetings and events across the country. Including, but not limited too, meeting Wachsman PR, Consensus Invest and the WSJ at their HQ. I only just return from Seattle where I’d visited the New Alchemy team. Point being, my schedule was planned out and packed to the brim. To expect to get a prompt response for such a large request is unreasonable.

  • Legal matters take time and require a coordinated effort, they also are often a part of company strategy this is why my finance and compliance team had made the decision to discuss matter in-person once I got back.

  • I return to the UK and to my surprise read the same as everyone else this morning.

  • I have reached out to Bill Shihara directly to ask for his oversight in the process, specifically I requested them to afford us an appropriate amount of time to get this all done.

This is the situation so far.

Looking back, I recall that at the start of this year we spent hours on calls with Bill and both of our legal teams. In discussions regarding our token listing and other legal/business matters the amount of time, professionalism and dedication shown has always been upstanding.

To have all that work rolled back in a few days, due to backfill issues, is unexpected and I’d like to think that Bittrex still strives to maintain it’s original high standards.

Consider however that there might be external factors at play here that we are currently not aware of.

I like Bittrex it’s founding team a lot, their focus on architecture and scaliblilty is industry leading. It would be a blow if TKN were to get delisted on Bittrex. I’ll be working towards getting the decisions repealed. If it does happen however it is by no means the end of the world. New and greater listings will come with time: the space is always evolving.

Our project and roadmap remain unchanged.

Sincerely,

Mel Gelderman

Founder & CEO

Token


#2

We know that TKN will be delisted from Bittrex. Another token that also will be delisted is TIME. I think the cause is they are considered as securities. The value of TKN and TIME both come from that the holders will get the fees collected from users. This is definitly a kind of dividends. That’s why they are considered as securities. So why not change the value model of TKN and remove all suspicious factors? For example, instead of distributing fees to holders, using fees to buy and burn tokens. And using TKN to pay the fees will get a discount. Changing the model is much simpler. I know the team said TKN is not a security according to the lawer. But many exchanges will not buy it. Tokens with either voting or dividend will considered as securities. Voting and dividends are what a security do. I really hope the team think about this. I like the product and look forward to using it.


#3

good luck to you all. The only one that really benefited from this investment was the team after all. I sold with small profit and lost with the rally of ethereum.


#4

Can we get a response from The team as to the reasons for delisting, their thoughts on TKN as a security and the steps they are taking to lost on other exchanges.


#5

Mocaco gets listed on 5 exchanges today. Including okex and huobi, aside from being listed on BITTREX and binance.

Guys let’s get it started. We will have a product and it will be much better.

But also the other factors like communication and exchanges are damn important!!


#6

Also Mko has been able to build a community, yes, out of thin air, but they managed to have a huge follower base.

Let’s make things right and get some real hype out there. Let’s not loose the battle on the non-product side!


#7

Good luck to you all, the only one who really benefited with those millions were the devs after all.


#8

Hi Mel.

Do we have any updates on this situation? It would be great if there are some comms going around re plans.

Thank you in advance.


#9

Are you guys in touch with the chronobank TIME team? Maybe you can exchange some infos. You can reach them e.g. via their telegram. It’s sounds like they have a plan


#10

Twice you delayed the launch (October and November info source from medium blog) and now Bittrex delisted ?! Lack of professionalism !!


#11

You should really know what you are talking about before smack talking. The MVP was delayed once from Oct to Dec…


#12

Can we get a status update? Constant communication during a breakdown is key. You have a lot of worried investors that you appear to ignore… tweeting even just a “lawyers have dug in, working at it and will update soon” would soothe over a lot of emotions.


#13

https://blog.tenx.tech/tenx-pay-token-structure-update-4f19be727870


#15

From medium: beta rollout is expected for November this year (2017)


#16

By way of update, we are working round the clock with Bittrex team to address the potential delisting. We will post a further update in 5 hours. Thanks for your continued patience.


#17

To all TKN holders,

As you know, Bittrex have announced the delisting of TKN from their platform effective 8th of December. We have been working with their team around the clock to find a way to postpone this whilst we gather the documentation they requested from US lawyers.

As of 3pm GMT, we have not been able to find a suitable solution with the Bittrex team. We don’t have any official confirmation from them, however we believe it is likely the delisting will go ahead on the 8th of December.

To help alleviate concerns and minimize any further impact to TKN holders, we have detailed options available to you below:

  1. Bittrex will still allow you to hold TKN on their platform, even if these cannot be traded. For further information, please consult Bittrex FAQs.

  2. If you are still concerned, you may wish to move your TKN out of Bittrex and hold them in a safe place. We have detailed how to do this in a step by step guide here.

  3. You will still be able to trade TKN until it is delisted on 8th December 2017 should you wish to sell any TKN you currently hold.

  4. As reminder, TKN will still be trading on other, less liquid, exchanges such as Liqui, Livecoin, and Etherdelta.

We will continue to work with Bittrex up until the very last possible moment to try to resolve the situation but felt it was important to give TKN holders an update should we not be successful. If the delisting goes ahead, we will do everything in our power to get relisted in the shortest possible timeframe.

In parallel, we have already kicked off the application process for other major exchanges to expand the range of options available to TKN holders and will keep you updated with the progress.

We know this has been a stressful time for all involved and wish to apologise for any inconvenience caused. There have certainly been some lessons learnt from this challenge and we will improve going forward.

Sincerely,

Mel Gelderman

CEO & Co-founder


#18

Shit yeah. Time for MVP and other exchanges! Rock it!


#19

Would be smart to buy a few TKN now with the ICO funds thus reducing the circulating supply. A kind of Share Buy Back.


#20

Just saw on Bittrex that TKN “Wallet offline - routine maintenance” does this mean that soon you’ll be active again on Bittrex?