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Yes their reason was to protect price from dumping, which I personally think rather unlikely, given the amount of bounty were less than 0.035% of total supply. Certainly it can't affect price significantly
1% allocation is enough to kill the token price instantly if liquidity is insufficient. This has been commonly done by shitprojects including delaying the distribution of hunters.
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Everything they did was perfectly fine except for telling the bounty hunters that they couldn't move or sell their tokens... for years!
It seems that because their smart contract is not ready yet, the 200 million token supply cannot be clearly ascertained how many holders until today other than the allocation of hunters and teams.
If in the near future these tokens are available for trading on their own markets, these exchanges will be the next yobits that can issue tokens without smart contracts.