Dear community and partners,
We have assessed the situation from all angles and have made a decision to deploy the following $FRAG Action Plan and restart the token’s DEX listing with a brand new contract.
Why are we doing this?
As we have officially announced to all of you, after a thorough investigation we have unfortunately found that the large drop in price was caused by one of the major partner launchpads which we had contracted to complete an IDO. Upon withdrawal from this plan on their part, a week before the set tentative date for the Public Sale in question, instead of refunding their previous allocation to us, they dumped the full amount of the raise. The sale was conducted immediately upon us adding liquidity and before the officially announced vesting had begun, thus causing a crash in the listing price of the FRAG token. We are holding them accountable and will be disclosing full blockchain details of the situation in the days to follow.
This induced crash of the token’s listing price in turn triggered a breach of contract with all launchpads, causing refunds across their communities and in turn creating a situation of continuous pressure on the token price. Witnessing this, most of our partner launchpads acted correctly and were quick to refund allocations, but unfortunately, a couple of them sold amounts and caused even further $FRAG price dumps in the days to follow.
After a thorough assessment of the situation and discussions with market consultants and advisors, it was concluded that introducing a new version of the FRAG contract would be the best chance to restart the FRAG token’s market and create an environment for healthy trading.
This strategic move would also allow for the full account of FRAG allocations and the prevention of future price dumps by bad actors, currently holding outstanding tokens. In an attempt to even further stabilize the price, all Private Sale allocations will be locked for 3 months, starting today.
How will this happen?
As we have pledged full transparency to our community, we are providing an exact list and order of steps we are currently taking to achieve the above:
- Creation and launch of a brand new FRAG smart contract (address to be disclosed).
- Pause of all trading on the current live version: https://www.dextools.io/app/en/bnb/pair-explorer/0xc27d5ce863e2a1bcb3bb2aaf8e67593f67d24b59
- Snapshot is taken of all current wallets holding & staking FRAG (with the exclusion of all outstanding allocations to launchpads).
- Brief re-enabling of trading in order to remove current liquidity on the current FRAG contract, broadcasted LIVE to you, our community.
- Trading of the current FRAG contract is fully halted.
- Liquidity is transferred to the new and undamaged FRAG contract.
- Full staking pool amount of 10M (5M more than previous) is added to the new contract.
- New FRAG contact info is updated on our website and announced in our official communities
- All snapshot wallets holding & staking FRAG are airdropped their accounted amounts in tokens from the new contract.
- All Private Sales are distributed to one wallet in the new version of FRAG, with vesting to begin after a 3-month lockout period starting from today.
As a final addition, in a display of goodwill from our founders and hopes to further restore confidence, 20% of all updated FRAG contract tokens will be burned during a LIVE cast.
We invite you to take part in our broadcast where we will walk you through this process, resulting in the launch of a new and healthy FRAG token contract enabled for trading.
Where & when will this happen?
Our founding team would like to invite you to be part of a LIVE broadcast on our official Evedo Ecosystem YouTube Channel, starting now. Join us!
UPDATED CONTRACTS OF $FRAG:
All additional updates are to be added and updated in this article.
Next steps & timeline
We have devised a $FRAG Action Plan roadmap of key content and activities we will be launching in the week to come and would like to provide you with this important information:
- Public Announcement of this Action Plan
- Launch of the LIVE cast where technical actions are performed in front of the community
- Announcement and listing of newly updated FRAG liquidity and staking contracts
- Fulfillment of new FRAG token airdrop execution to all market wallets
- Execution of 20% burn of FRAG tokens in the updated contract
- Press release to major crypto media outlets with full disclosure of bad actor launchpad responsible for initial FRAG price fracas
- A detailed blog article outlining full blockchain transactions, communication evidence, and aftermath of all launchpads responsible for the unsanctioned offloading of FRAG tokens from its initial listing date of Oct 13th until today.
- Announcement about a secured listing of the updated FRAG token contract on а CEX
- List of scheduled community AMAs with KOLs
We understand that this plan is no easy feat but we are fully confident in our team’s ability to successfully execute, our community’s clarity of thought, and the opportunity to build up even greater momentum for recovery and beyond. We thank each and every one of you for your support, commitment, and sheer will to see this situation fully resolved and accounted for. We are here to stay!
Our founding team remains available and would also like to welcome invites for open discussion in any video or audio format community AMAs and spaces. Please feel free to reach out to our CEO Stoyan Angelov at firstname.lastname@example.org and schedule with us at your convenience!
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