Dear BitMax.io Users,
In regards to the current listing of DeepCloud AI (DEEP), the platform has conducted thorough evaluation of the project’s recent development, community feedback, as well internal risk assessment according to the Post-Listing Administration Guidelines of BitMax.io. Upon the review, BitMax.io has decided to proceed with de-listing process of DEEP from the platform due to:
- Discrepancy of token unlocking / vesting schedule vs the schedule published in the project’s whitepaper or the schedule communicated to BitMax.io; and,
- Lack of proper disclosure on increases to token circulating supply to BitMax.io and the project’s community.
The platform has taken actions deemed necessary support DeepCloud AI, specifically in utilizing principal capital to conduct a $300,000 buy-back program of DEEP in response to the discrepancy regarding increased circulating supply.
As part of the delisting process, the platform’s decision to delist DEEP has been communicated to the DeepCloud AI team and the following action steps will be taken on the platform:
- Effective immediately, deposits for DEEP will be closed.
- DEEP/USDT and DEEP/BTC order books to be removed 10:00 a.m. EDT, October 4.
- Withdrawals of DEEP from BitMax.io will continue to be supported until 10:00 a.m. EDT, October 11. If a user fails to withdraw DEEP prior to 10:00 a.m. EDT, October 11, the assets will be deemed to have been forfeited and the user will have no rights to claim back the funds or any other equal valued products of services from BitMax.io.
- BitMax.io recipients of the DeepCloud AI public sale on July 18, 2019 with remaining locked DEEP tokens will have their accounts credited a USDT amount equivalent to the volume weighted average price of DEEP on BitMax.io’s DEEP/USDT order book from September 28, September 29, and September 30, 2019 (UTC).
The BitMax.io team will continue enhancing its due diligence screening and rigor of listing requirements for all future projects. In the meantime, it is critical to institute a robust Post-Listing Administration process for ongoing monitoring in the interest of BitMax.io users.
Transparency is core to the BitMax.io mission of building an institutional-grade platform, and we will continue in our practice of maintaining openness with the BitMax.io community. Thank you for your continued support.