KuCoin to Take Back MTV Tokens From Unfair Buyers

Team found out that 67 participants of recent MultiVAC IEO used scripts to buy tokens instantly, thus creating an “unfair advantage”
10 April 2019   1080

The KuCoin cryptocurrency exchange completed an investigation into users who used scripts during the IEO project MultiVAC.

Thus, the marketplace identified 67 participants who used special scripts in the course of a tokensale, which allowed them to complete the procedure for participation in IEO quickly, thereby providing them with an “unfair advantage” over other participants.

KuCoin team decided that these users would not receive acquired tokens - they had already returned the spent KCS to them, and the corresponding number of MTV tokens would be given to MultiVAC.

At the same time, KuCoin distributed tokens among those investors who clicked the “Buy Now” button, but did not receive the coins.

Finally, users will receive their tokens after an additional round of MTV sales, which will be held April 9th.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   970

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.