The following was originally posted on our blog here:
https://backto.earth/blog/starcredit-distribution-issues/STARCREDIT DISTRIBUTION ISSUES
It has come to our attention that over the last few days a number of crowdfund participants were unable to access the StarCredits they paid for. After further discussions with both TokenMarket and our community, we realized that this issue is something that goes deeper than “user error”. Certain participants retain passcodes to their wallets, but simply have not received the correct amount of StarCredits–if any at all.
We were immediately concerned when it was brought to light that this was not about lost seed words. Since we hired TokenMarket to help us correctly distribute StarCredits, we asked them to work with us to deliver the StarCredits to affected participants. Unfortunately, TokenMarket is not interested in compensating affected users for the missing tokens until we pay them for the unfinished crowdfund.
We have offered TokenMarket the option to put their payment in escrow in order to make sure that all parties receive the best outcome and that crowdfund participants aren’t left picking up the bill–but TokenMarket is not willing to use escrow. We find ourselves at a standstill. Distribution will not continue until we pay, and we will not pay until distribution is completed.
As it stands, we would still be more than happy to use escrow. Then no one has to worry about the money and we can all focus on the solution.
However, since plan A was rejected we are moving forward with plan B. The only fair recourse at this point is to reissue StarCredits as a new token with a new name. Everyone who is holding SRC at the point of the new token distribution will receive an equal amount of the new token. Anyone who was affected by the issue in TokenMarket’s software will also receive the new token in the correct amount. The same will go for all Golden Tickets.
It will take us time to sort this out and we are willing to accept whatever help the community wants to offer. We are sorry that this will affect trading for the time being, but our intention was never to make a coin that traders pump and dump. We won’t interfere with the market in any way, just replace tokens 1-to-1 and issue tokens that were sent to the wrong address by the crowdfund software.
This drama comes at a time when Clay Space, Back to Earth’s founder, is in Los Angeles meeting with our partners and working with producers to hire talent for the project, including ARG designers. The project has had a phenomenal reception from industry members we have spoken to, and we hope that we will have good news soon regarding the developments we have made during pre-production.
