The post XRPL Startup XPMarket Initiates Token Swap appeared on BitcoinEthereumNews.com.

XPMarket, a GameFi and DeFi platform on the XRP Ledger (XRPL), has faced a problem during its recent token distribution. A fault in the distribution resulted in a large number of tokens being sold at a very low price, thus making it necessary to carry out an immediate token swap to eliminate this problem. XPMarket Token Distribution Error While the token distribution was going on, XPMarket revealed that over 150 million tokens were sold for less than 1 XRP. This problem was caused by a set of restrictions that the distribution mechanism had, leading to a few people buying many tokens at an extremely low price. ⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️ Immediate Token Swap Due to Distribution Error Attention All Token Holders, We have identified a critical error in the recent token distribution process. To rectify this issue, we are initiating an immediate token swap to a new, corrected token.… — xpmarket® (@xpmarket) May 18, 2024 Since the issuer wallet is blackholed, freezing these tokens cannot be done. Hence, XPMarket has now decided to conduct a token swap in order to restore the balance. The team at XPMarket has called on all token holders to cease of the affected tokens trading immediately on all platforms. The current token holders are recommended to keep the same amount of tokens they have until the token swap process is over. This immediate measure is required to prevent the further complications and to make a smooth move towards the new tokens. Implementation of the Token Swap Mechanism To fix the distribution error, XPMarket will burn the wrong tokens and provide new ones to all those who were affected by it. The token migration will be going on till May 27. The people who take part in the token swap during this period will get new tokens of the…

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Filed under: News - @ May 19, 2024 4:26 am