Responsible for what? Just trying to give people information on what’s happening. Do you really think the South Koreans are reading this forum? They’re selling because the exchange is delisting the token. The people here are the ones stuck holding it.
I lost money on this like everybody else. You posted a lot of misinformation that i called out. Sorry if that makes you angry
what about your X account, I have known and had experience with people like you over many years, I see who you are. your re fabrication and twist of what’s real is noted, but wrong and deliberate, i’m down millions of dollars don’t preach to me about loss
Everyone is entitled to their own opinions on any platform. If the project decides to go after investors who lost money just for expressing opinions online… do you realize how ridiculous that sounds?
it’s one thing to be a holder of coin on an exchange that you know is not your coin because it not in your possession and need to blame someone for your loss.
but it another thing to ignore all information presented to fabricate your own version of events,
pretending to be someone in loss with rights to deliberately miss strew the real version of events. and twist minds.
I’ve never told anyone directly to buy or sell PUNDIAI.
It’s unfortunate that some still try to shift blame onto others.
If @Chazdurman is right, their involvement would be a big deal.
And let’s not forget—reports indicated that South Korean authorities pressured exchanges into delisting.
not likely
I blame the hacker, my point in case, you deliberately said i blame others, which is a twist of what’s been said. don’t change the subject to make it about me, off original topic posts will be removed, this includes slander of one thing and including original topic material.
I think everyone should calm
Find solution other than panic
While I appreciate your technical insight into the issue, it is very apparent you are not very well versed about financial legal laws.
Let me introduce you to the Federal Trade Commission and the SEC Rule 10b-5 :
Rule 10b-5 explicitly prohibits intentional or reckless misrepresentation and omission of material facts in connection with the purchase or sale of an investment.
Misleading information to investors, particularly an omission of risk, is a serious violation of federal laws where a broker or firm fails to disclose material information about an investment’s potential downsides, such as costs, conflicts of interest, or market risks. This failure to disclose critical information is a form of fraud and can lead to significant financial losses for the investor, resulting in legal claims for negligence and or fraud.
A company must fully disclose all material risks associated with an investment. This includes financial risks, market volatility, and any specific dangers of the product.
It is also considered an omission if a broker provides some accurate information but withholds crucial details that would give a complete picture, creating a misleading impression.
So my question to you @orbitant is, to what extent were you involved in the decision making process in the aftermath of the hack? And before you answer that question I want you to really really really think about what you said in this comment of yours.
“ Because tokens on chain cannot be erased once created, leaving the contract permanently frozen is the only way to prevent further losses and avoid confusion from having two versions of FX circulating.”
Thanks for providing more insight into the situation. Very helpful.
I am wondering if FinCEN investigation is - whether the project directed or compelled Coinbase to perform swaps for all holders. If, this could be interpreted as operating a money transmission scheme without proper licensing.
FinCEN may be considering the possibility even though Coinbase itself is a registered MSB, the project might still face scrutiny for effectively initiating or directing these transfers.
Obviously they cant share too much if investigation has started.
But i wonder if thats the angle they are going after.
this is a personal observation based on publicly available information and should not be considered legal advice .
’ll help explain for those who might not fully understand his point: In the crypto world, it’s standard practice to freeze and replace a contract if it’s exploited or compromised. For example, the PUNDIAI contract was replaced after an attack without issue.
In this FX case, the project chose to mandate swaps through exchanges, which appears to be a deliberate operational decision rather than a technical limitation. This distinction isn’t clearly communicated in his message.
Again, this is a personal observation based on publicly available information and should not be considered legal advice.
Ding ding ding.
And they were stupid enough to put out misleading statements about temporary pauses and now have clearly stated that their true intent was a permanent pause.
And from the initial affidavits filed, that was one of many mistakes the project team made in their response to the hack.
You see, this is what happens when you have a bunch of very bright technical people make financial and operational decisions that are beyond their scope. They rely on the inability of the average crypto investor to hold them accountable. And realistically they would have had a chance to get away with it. Except that this time they caused substantial financial loss to a well informed federal government attorney.
I am affected by the fx issue on coinbase. Can someone clarify if there are any discussions to solve the problem? Thanks!!
last message from Zac
The Pundiai 100:1 swap effectively values $FX at $0.0069—practically zero. Liquidity is gone. Any posts about swaps can essentially be ignored, because there’s nothing to swap into and exchange wont facalite a swap.
At this point, the most realistic approach may be to simply hold and forget about it and see if any recovery is possible through lawsuits or government seizure in the future.
See @Chazdurman’s post for additional context.
This is a personal observation based on publicly available information and should not be considered legal or financial advice.
best to read from the top and get the projects prospective, they are still in a process, beware the panic activists.
beware the contradictory legal / financial advice; not to be taken as legal / financial advise ploy; by none project reply’s
Hopefully, the team can convince Coinbase to support a swap to PundiAI soon. It’s also better to move away from the Korean market and instead focus on highlighting the strong developments already delivered by the team. For future listings, the priority should be exchanges with a truly global focus. Let’s hope that in the coming days and weeks we’ll see more positive news following the recent heavy sell-off driven by the Korean market.
@Amsterguy I’m not sure you understand, swapping to PundiAI at this point doesn’t really matter, unless you’re interested in selling at nearly 100% loss. If the swap would have been possible at the beginning, it would have been worth it, but they’ve forced us to hold FX indefinitely while PundiAI craters down to nothing.
I bought FX for the very first time on August 15th, and within 1 hour, it was delisted from Coinbase and because the Pundi team disabled transfers, there was absolutely nothing any FX holders could do at that point. I wasn’t aware of it at the time, but I had suffered essentially 100% loss in less than an hour, which is pretty impressive for a Coinbase listed asset.
@Chazdurman Does FinCEN have any precedent of asset recovery in these type of cases, or is their focus generally more on the punitive side of things?
The FBI and FinCEN will lead the criminal prosecution of the case.
The return of investor funds will be the mandate of the FTC.
And the FTC will absolutely go after any assets PundiAI has to ensure return of investor funds.
For example, this is the current list of the FTC refund program listing the companies whose assets have been liquidated to return investor money.
The current price drop is largely caused by heavy dumping in the Korean market, which has impacted all PundiAI holders.
The most effective solution would be for Coinbase to swap the old FX to PundiAI, while the team continues to focus on developments that can strengthen the project’s long-term value.
It’s important to note that the decision not to swap FX to PundiAI was made by Coinbase. While perhaps the team could have pushed harder to convince them, ultimately Coinbase carries responsibility for that choice.
Unfortunately, this is part of the risk in crypto — sometimes luck simply isn’t on your side.
That said, I believe it’s better to focus on the positive aspects of this project. The technology is solid, and the company has enough capital to make the right investments that can help grow the project’s value over time.