Algo crypto buying and selling platform, Upbots, detailed its restoration plan established resulting from its publicity to the fallout of FTX, and Alameda Analysis.
Necessary announcement
We’re happy to tell you that it has been determined to maneuver ahead by making some essential adjustments in our technique:
1. Launch of a brand new token
2. Staking rewards non permanent maintain
3. New liquidity on DEX for UBXN…and extra!https://t.co/hK41FHDJ0B pic.twitter.com/epkhw8j41R
— UpBots (@UpBots) November 16, 2022
As the results of “contractual obligations” a portion of Upbot’s liquidity was on FTX on the time of collapse and round 200 million UBXT – Upbot’s native token – is held by Alameda which equates to about 40% of all UBXT tokens.
In anticipation of Alameda promoting off the 200 million tokens, Upbots liquidated a big portion of UBXT so as “to dam Alameda of their resale.”
“Certainly, being our Market Maker, they’re at the moment the liquidity supplier on Sushi and Serum. This manner, by withdrawing our personal liquidity on DEX, we prevented them from promoting the tokens they personal […] as they might promote them to themselves.”
Having taken protecting steps for buyers, Upbots established the launch of the UBXN token to fully exchange the UBXT token, and permit “our eco-system to be protected and to maneuver ahead with out the burden generated by Alameda and FTX.”
Upbots will create 500 million UBXN tokens which could be acquired by holders of UBXT tokens on a 1:1 ratio. To guard from arbitrage between the older UBXT token and the substitute UBXN token, a snapshot is about to happen Nov. 30 at 11:59 p.m. GMT on each the Ethereum and Binance blockchains.
