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CoinDash Token Distribution Plan
CoinDash Team Shanghai, Tel Aviv - 19.7.2017
As we have been working around the clock to mitigate the unfortunate circumstances around the hack and develop a plan for moving forward, we’re grateful to our community, which has been exceptionally patient and supportive.
While a finalized number of contributors and respective contributed ETH amount will be announced in the next few days following a full CDT claim investigation, we are confident that the plan we have outlined below will provide our investors the opportunity to recuperate and build upon their investment, and our company the opportunity to rebuild and deliver that value, not only for our investors, but also for the broader crypto community in need of portfolio management tools.
Distribution Plan outline
In order for everyone to receive their CDT tokens, a new CDT contract containing the same amount of tokens must be created. The reason behind this decision is that CoinDash currently does not hold enough liquid CDT tokens (most of the company’s tokens are locked in the smart contract for long periods of time) in order to proceed with the planned distribution. Creating new tokens using a new smart contract will enable us to distribute the tokens to all of our contributors.
Whitelist participants token replacement - All of the whitelist participants have contributed ETH directly to CoinDash’s official contract therefore automatically received the original CDT tokens to their addresses as part of the smart contract distribution specifications. The distribution to the whitelist participants replacing existing CDT tokens will undergo by having all whitelist contributors holding CDT tokens burning the tokens by sending them to 0x0000000000000000000000000000000000000000. We will than take all sending addresses to the CDT burn address and implement them to the new contract along with their associated token count. Make sure you send your CDT tokens to the burn address no later than Sunday July 23rd, 10 PM GMT so we could assign you the tokens automatically.
Fraudulent address contributors distribution - Contributors who have sent ETH to the fraudulent address during the token sale will also be credited in CDT, reflective of their contribution. The CDT tokens will be distributed to those who have filled out our form and have been verified as contributors.
Token Sale Claim Form
After getting all the information from the claim form sorted and with the data from the burn address, all the distribution addresses will be implemented in the new contract.
The timeline for the token distribution depends on the fraudulent address contributors and their cooperation providing us with all their information. Unclaimed tokens will be kept by the company for latecomers. Assuming full cooperation will be achieved, the distribution will take place next week.
CoinDash loyalty bonus
In an effort to stabilize the CDT price following its distribution, we will offer CDT bonuses to anyone who will hold his tokens and not engage in any trading activity for 6 months counting from the distribution date. Exact bonus rate will be soon disclosed.
Police complaint and internal investigation status
An official police complaint has been already filed at the Israeli cyber security law enforcement - Lahav. Simultaneously we have approached several private cyber investigation parties and are waiting for their report. Once we will have such report, we will share its conclusions with you.
Lastly, Since the token sale events we have considered many different options and plans in order to come with the ultimate solution for the situation. We truly believe that the plan we came up with and presented to you reflects the most balanced and stable solution to the situation and to all those concerned.
We will continue and update the community on a daily basis. For more information and updates, please visit our website coindash.io. It is clear to us that the road ahead will be challenging and your continued faith in our project is without a doubt the main reason for us to continue and create the future of trading.
Sincerely and respectfully,
Alon Muroch, Adam Efrima and the CoinDash team.