Upbots issues recovery plan in light of FTX, Alameda exposure

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Algo cryp­to trad­ing plat­form, Upbots, detailed its recov­ery plan estab­lished due to its expo­sure to the fall­out of FTX, and Alame­da Research.

As the result of “con­trac­tu­al oblig­a­tions” a por­tion of Upbot’s liq­uid­i­ty was on FTX at the time of col­lapse and around 200 mil­lion UBXT – Upbot’s native token – is held by Alame­da which equates to about 40% of all UBXT tokens.

In antic­i­pa­tion of Alame­da sell­ing off the 200 mil­lion tokens, Upbots liq­ui­dat­ed a large por­tion of UBXT in order “to block Alame­da in their resale.”

“Indeed, being our Mar­ket Mak­er, they are cur­rent­ly the liq­uid­i­ty provider on Sushi and Serum. This way, by with­draw­ing our own liq­uid­i­ty on DEX, we pre­vent­ed them from sell­ing the tokens they own […] as they would sell them to themselves.”

Hav­ing tak­en pro­tec­tive steps for investors, Upbots estab­lished the launch of the UBXN token to com­plete­ly replace the UBXT token, and allow “our eco-sys­tem to be pro­tect­ed and to move for­ward with­out the bur­den gen­er­at­ed by Alame­da and FTX.”

Upbots will cre­ate 500 mil­lion UBXN tokens which can be acquired by hold­ers of UBXT tokens on a 1:1 ratio. To pro­tect from arbi­trage between the old­er UBXT token and the replace­ment UBXN token, a snap­shot is set to take place Nov. 30 at 11:59 p.m. GMT on both the Ethereum and Binance blockchains.



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