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YGGDRASH (YEED) team’s announcement about token unlock

Yesterday we wrote about YGGDRASH (YEED) token unlock and rumors about an upcoming announcement from YGGDRASH team.

The team published an urgent announcement regarding token unlock in Medium blog post yesterday.

«First of all, we sincerely apologize in the delay of official guidance. It was to analyze the situation, and find a solution regarding the incident of YGGDRASH Token Unlock on Friday, June 15, 2018 (KST)», – wrote the YGGDRASH team.

The team said that the unlock was not caused by any means of hacking, and it is not a deal caused by any internal YGGDRASH team member, or a threatening factor to token safety.

On June 15, 2018 about 9 AM, a portion of YGGDRASH token was unlocked against their plan, and allowed to move token at discretion of the token owner. This was a token unlock unintended by YGGDRASH team. Then, it was identified that a number of the unlocked tokens were transferred to decentralized exchanges for trading. YGGDRASH team restricted token transfers to decentralized exchanges that were identified to have YGGDRASH tokens in trading as an emergency measure. To avoid further transactions from being made, the team has been continuously monitoring cryptocurrency exchanges, and restrict token transactions.

YGGDRASH team was identifying the issue, and taking additional measures to resolve the issue. Nevertheless, the team could not swiftly announce on the unlock incident due to the potential risk of further attempts to unlock tokens or secondary damage. The team noted that hard fork is currently being considered as a solution to assure the safety of ICO participants’ assets.

«We will work diligently to restore trust and to the betterment of the project. With continuous risk control executions, YGGDRASH team will announce further implementations in near future. Thank you for your understanding and support», – wrote the YGGDRASH team.