Please see below for the official message regarding the presale from our CEO:
Dear APIS supporters,
I am Ronny Yoo, CEO of APIS.
I would like to explain about the early termination of pre-sale which most of you are curious about. While we were preparing for the pre-sale, we spent a lot of time coming up with methods to provide all our investors with equal investment opportunities. Among some of the roadblocks that we confronted while seeking the optimal solution was Qtums long block generation time. This issue troubled us the most as we judged that if too many participants were to be concentrated in a single block, Qtums long blocktime may change participation priority depending on the gas price.
In order to prevent this unnecessary competition, we set a fixed value for the gas price and made everyone participate in the pre-sale under the same condition. However, when the pre-sale actually started, we recognized that there were a number of transactions that were not processed properly.
Our development team was monitoring all of the transactions real-time and found out that most of the transactions that failed had their gas price set at 69, not 70. The real problem occurred when we found out that the percentage of people who invested with gas price of 69 was excessively high(53% of the total transactions, to be exact). At this point, we came to the conclusion that the gas price could have been modified due to network or wallet error, and that ongoing smart contract needed to be stopped immediately for investor protection. Therefore, we stopped the original smart contract and came up with a new smart contract address urgently that had no gas price limit and were finally able to resume the pre-sale. But as the pre-sale went on with the new smart contract address, the morality of creating a new smart contract address was questioned within our team. We subsequently came to a conclusion that the second smart contract could go against our original principle of fairness and that the contract must be closed. This is why we terminated our pre-sale earlier than scheduled.
We are still running internal tests to understand the exact cause of sudden gas price change. All relevant information regarding this incident had already been passed to the Qtum foundation, and we are looking into the issue together
I would like to express my sincere gratitude to those that participated in our pre-sale and also apologize to those who were unable to do so. We will keep you updated on this issue.
I will talk briefly about our future operation plan. Adhering to our core principle of enlarging the blockchain industry and protecting investors assets, we will never resell our remaining tokens from the pre-sale. All unsold tokens(254,584,967 tokens) will be promptly burnt after the termination of ICO with a prior announcement.
Thank you.
Best regards, Ronny Yoo