MXM AND MXM3 - AN OPEN LETTER AND CASE EXPLANATIONCreated 24.04.2019 08:53Dear customers, as you already know, the developers of MXM decided to run swap of original MXM token to a new one - MXM3, allegedly because of a recent attack on the said asset.
However, they didn't notify Exchanges of a forthcoming swap, they didn't allow any time to complete the current transactions and get ready for the swap.
Decent developers give at least a month's time to prepare for tokens swap procedures, they promptly circulate notifications to all stakeholders and concerned parties. The MXM developers made a snapshot of their token balances on March, 25, and soon after, on March, 28, announced the swap, which goes beyond the bounds of reason. Usually, the procedure is arranged the other way round, the developers first announce the date of a snapshot, to let all the token holders to prepare for it, and only afterwards the snapshot is made.
The exchanges could learn about the MXM developers' plans only after March, 28, that is, after the swap announcement had been made, so, between 25th and 28th of March, all MXM transactions were still processed as usually. As we understand it now, the developers decided to consider all transactions sent within that period illegitimate, why they opted to do so - you better ask the developers about that. We consider such swap as dishonest and unfair towards MXM holders/investors.
Our Exchange holds 3125807 original MXM tokens, we notified developers about this amount. The developers have credited only 17860 new MXM3 tokens to us. We have already distributed these new MXM3 tokens among our customers, in accordance with their balances. The trade, deposit and withdrawal of the new MXM3 tokens will be available in the nearest time. Besides, we also manually credited new MXM3 tokens to some customers, who sent them to the old MXM addresses, due to the reason that the developers hadn't informed anybody of the forthcoming swap in good time.
We shall NOT delist original MXM tokens from our Exchange, this asset will be still available for trade and withdrawal. We recommend MXM clients to choose one of the options:
1. Keep the original MXM tokens at our Exchange and ask the developers to run the swap fairly, without stealing funds from the original MXM token holders. We shall provide all the technical information concerning MXM transactions to our customers and everything they will need for taking legal actions against MXM developers.
2. You may withdraw the original MXM tokens from our Exchange and try to reach an agreement on the swap with MXM developers by yourself, or, alternatively, file your complaint with the police against MXM developers, or dispose of the tokens at your discretion in any other way. In this case, we shall also provide any technical information that your attorneys may need.
Please, submit all claims relevant to the present situation, to the developers, who organized such a swap.
https://www.livecoin.net/en/news/view/151