BlockNet ITO - What happened and next steps.

BlockNet ITO - What happened and next steps.

First off, let me thank all our users for their patience on the matter. We are actively working with everyone to ensure the best outcome for all parties. Before we get started, I want to provide a little background. BlockNet was the first ICO we agreed to do where we didn't have complete control of the coin supply. We've learned our lesson, we will not be participating in any offering where we are not in a position to enforce agreed upon terms.

Somewhere along the way, there was a miscommunication and BLOCK coins were released for both trading and staking. By enforcing the escrow terms, we put Bittrex users at a disadvantage. To remedy this, we will put up a buy wall at the ITO price for 48 hours after the ITO ends on November 5th. We will not allow deposits or withdrawals during this 48 hour window. This will allow any users wanting a refund to receive one. Once this window closes, we will pull the buy wall and evaluate the escrow terms. If everything checks out, we will release the funds to the developer and open the wallet and market for trading.

By: @mendylisa