Crypto Exchange KuCoin Extends Insider KCS Token Lockup Period
KuCoin to Extend White Paper Token Lock-Up Period for an Additional Year
— KUCOIN (@kucoincom) August 28, 2018
According to the announcement, the 100 million KCS that are held by angel investors, industry figures and founders was originally planned to be partially unlocked on September 3, 2018 — as outlined in the exchange’s white paper. Now, these tokens will remain locked for an additional year, until September 2, 2019.
The decision suggests KuCoin insiders see significantly more value in the exchange and its profit-sharing tokens than the current price. Liquidating tokens would likely only add to rumors that the exchange may not be fully legitimate, which KuCoin attempted to dispell in a recent statement. Additionally, the lock-up extension should have a similar effect on the token’s price as a coin burn or buyback.
KuCoin also notes that the total amount of the locked tokens was reduced from 100 to 90 million after distributing 10 million tokens to participants of its ICO. This wallet is publicly available for tracking and can be found here.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.