Distribution of new CRL tokens

Dear community members,

you might have noticed that we discovered a problem during listing on IDEX exchange and therefore we decided to issue a new version of CRL tokens.

Summary:

If you are a CRL token holder, send your old CRL tokens to our exchange wallet and we will send you the new CRL tokens back within 1 hour.

Important information:

  1. You can start sending your obsolete tokens from the 1st of November 2018.
  2. You have one year (till 1st of November 2019) to send the old tokens to exchange them.
  3. Our new smart contract address:
    0xB75D4C89671477D2135aD82125D52a38e3E35A2F
  4. Wallet to send the obsolete tokens to: 0x4fD2812d3bbC0171D5f92470D7531a808e9a34DD

Watch our instruction video to see how to proceed.

We considered following options for CRL tokens exchange:

Approach 1: Token holders exchange old CRL tokens for new

We will create a new wallet which will serve as a suspensory for the old, obsolete tokens. Each holder can, therefore, send the obsolete tokens to this suspensory wallet and within 1 hour (based on over blockchain current workload) receive new CRL tokens to his private wallet.

We will provide a way for token holders to freely replace their old tokens with our new CRL tokens. After you transfer your CRL tokens to a specific address, we will, in return, transfer the same amount of new CRL tokens back to your wallet.

This approach has following pros and cons:

  • Pros: By effectively exchanging old tokens for new ones, we will be able to remove old tokens from the market altogether, which will greatly reduce the risk of misuse.
  • Cons: This process requires the token holders themselves to send old CRL tokens to our exchange address in order to receive new CRL tokens back.

Approach 2: Automatic one-time token redistribution

We will identify all wallets holding our obsolete CRL tokens. Then, we will automatically send the same amount of new tokens to every holder. Hence the holder will have the new and obsolete CRL tokens at disposal. However, the old tokens will never be listed on public exchanges nor used by Cryptelo software.

Similarly, this approach has the following pros and cons:

  • Pros: The advantage of this approach is that it does not require any action from the token holder.
  • Cons: The problem with this approach is that there might be additional transfers of old tokens between the time we identify all token holders and the moment we exchange all old CRL tokens. Thus, there is a significant risk for some holders to lose their tokens.

After carefully considering the pros and cons of both approaches, we have chosen the first option. We based our decision on the fact that we do not want to expose our holders to any risk of losing their tokens. The side effect of this approach is that we will be able to drain obsolete CRL tokens from the market. We are sorry for the inconveniences and thank you for staying with us.

Our vision is to build products that will work for decades and that is why we need to be rigorous right now.

🕸 Visit Cryptelo web: https://www.cryptelo.com/

💬 Join us: Telegram | Facebook | Twitter | Instagram | Youtube | LinkedIn | Reddit

Martin Baroš

Martin Baroš

Co-founder & CEO at Cryptelo by profession, cyber-security enthusiast at heart, and a believer in a better world. He welcomes challenges and doesn’t like to give up.

Read More