Earlier this week, we’ve been informed by some of the early investors of the Algorand project that the Algorand team has warned them about breaching the terms in contract where the unvested ALGO tokens are not transferable, and a result in total token loss.
Since the ALGO tokens can no longer come directly from any of the early investors of the Algorand project, we originally planned to purchase ALGO tokens directly from the market within one month after the Algorand mainnet launch out of our own pocket, regardless of the price. This means that what users will be trading on Bgogo Apollo would be the ALGO token futures. Moreover, we ensured a buyback at double the price as reimbursement in case of failure in delivering the tokens.
Unfortunately, the Algorand team continued to express dissatisfaction with the Bgogo exchange's trading arrangements and claimed to resort to legal means.
While we still think that Algorand is a project with great potential, it is extremely regrettable to find that the project team misinterprets Bgogo's original intention, one that to become a marketplace to transfer tokens from the minority to the majority, thus expanding the reach of the project and promoting decentralization.
As a result, we will be cancelling the Algorand trading event on Bgogo Apollo and will move on with the next project Facepower (FAC) along our journey. We will also ensure that all the following projects are fully on board with our vision.
For the community,