Upbots issues recovery plan in light of FTX, Alameda exposure

Upbots, an Algo crypto trading platform, has detailed a recovery plan it has established due to exposure to the influence of FTX and Alameda Research.

As a result of “contractual obligations”, a portion of Upbot’s liquidity was in FTX at the time of the collapse, with approximately 200 million UBXT (Upbot’s native token) being held by Alameda, representing approximately 100% of all UBXT tokens. Equivalent to 40%.

In anticipation of Alameda selling 200 million tokens, Upbots liquidated most of UBXT to “block Alameda’s resale.”

“Indeed, they are our market makers and currently liquidity providers for Sushi and Serum. prevented […] Because they sell them to themselves.

Taking protective measures for its investors, Upbot establishes the launch of the UBXN token, which will fully replace the UBXT token, to “protect and advance the ecosystem without the burden generated by Alameda and FTX.” made possible.

Upbots will create 500 million UBXN tokens that can be acquired by UBXT token holders at a 1:1 ratio. To protect against arbitrage between older UBXT tokens and alternative UBXN tokens, a snapshot was set to be taken on both the Ethereum and Binance blockchains on November 30th at 11:59pm GMT. I’m here.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button