PANews reported on November 20th that GAIB, an AI and robotics infrastructure economic layer project, issued an official statement today regarding the premature sale of tokens by external institutions on the day of TGE, and announced the launch of the official GAIB buyback program. In the statement, GAIB emphasized that the approximately five wallets identified by the community, each selling approximately 1 million GAIB tokens, are not affiliated with the team, advisors, or any internal entity. All tokens belonging to the team and core contributors are currently locked, and the GAIB team has not sold any tokens. An internal investigation revealed that these wallets belonged to external market institutions in multiple regions. According to their pre-TGE cooperation agreements, the tokens they received were only permitted for community activity incentives after launch and were explicitly prohibited from being sold beforehand. However, some institutions violated the agreement by selling tokens without authorization on TGE day, constituting a serious breach of contract. GAIB has issued formal notices to the relevant institutions, demanding a full repurchase of all sold GAIB tokens, provision of on-chain repurchase certificates, and acceptance of all consequences of the breach. However, the relevant institutions have not provided a clear response. GAIB will immediately launch an official repurchase plan, with the team directly repurchasing the improperly sold tokens on the market to ensure that the community's interests are not affected by any third-party actions. In its statement, GAIB said, "We will not leave the community to bear any consequences. The buyback program is our commitment to responsibility and transparency." GAIB will release an update to the community as soon as it obtains further details on the buyback implementation.PANews reported on November 20th that GAIB, an AI and robotics infrastructure economic layer project, issued an official statement today regarding the premature sale of tokens by external institutions on the day of TGE, and announced the launch of the official GAIB buyback program. In the statement, GAIB emphasized that the approximately five wallets identified by the community, each selling approximately 1 million GAIB tokens, are not affiliated with the team, advisors, or any internal entity. All tokens belonging to the team and core contributors are currently locked, and the GAIB team has not sold any tokens. An internal investigation revealed that these wallets belonged to external market institutions in multiple regions. According to their pre-TGE cooperation agreements, the tokens they received were only permitted for community activity incentives after launch and were explicitly prohibited from being sold beforehand. However, some institutions violated the agreement by selling tokens without authorization on TGE day, constituting a serious breach of contract. GAIB has issued formal notices to the relevant institutions, demanding a full repurchase of all sold GAIB tokens, provision of on-chain repurchase certificates, and acceptance of all consequences of the breach. However, the relevant institutions have not provided a clear response. GAIB will immediately launch an official repurchase plan, with the team directly repurchasing the improperly sold tokens on the market to ensure that the community's interests are not affected by any third-party actions. In its statement, GAIB said, "We will not leave the community to bear any consequences. The buyback program is our commitment to responsibility and transparency." GAIB will release an update to the community as soon as it obtains further details on the buyback implementation.
GAIB launches official buyback program in response to external institutions selling tokens ahead of schedule.
PANews reported on November 20th that GAIB, an AI and robotics infrastructure economic layer project, issued an official statement today regarding the premature sale of tokens by external institutions on the day of TGE, and announced the launch of the official GAIB buyback program. In the statement, GAIB emphasized that the approximately five wallets identified by the community, each selling approximately 1 million GAIB tokens, are not affiliated with the team, advisors, or any internal entity. All tokens belonging to the team and core contributors are currently locked, and the GAIB team has not sold any tokens.
An internal investigation revealed that these wallets belonged to external market institutions in multiple regions. According to their pre-TGE cooperation agreements, the tokens they received were only permitted for community activity incentives after launch and were explicitly prohibited from being sold beforehand. However, some institutions violated the agreement by selling tokens without authorization on TGE day, constituting a serious breach of contract. GAIB has issued formal notices to the relevant institutions, demanding a full repurchase of all sold GAIB tokens, provision of on-chain repurchase certificates, and acceptance of all consequences of the breach. However, the relevant institutions have not provided a clear response. GAIB will immediately launch an official repurchase plan, with the team directly repurchasing the improperly sold tokens on the market to ensure that the community's interests are not affected by any third-party actions.
In its statement, GAIB said, "We will not leave the community to bear any consequences. The buyback program is our commitment to responsibility and transparency." GAIB will release an update to the community as soon as it obtains further details on the buyback implementation.
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