Because of a controversial decision by the Frontier (FRONT) coin project team, OKX crypto exchange decided not to support the coin swap for FRONT.
Initially, the FRONT coin project entered the crypto sector with the goal of bringing core Decentralised Finance (DeFi) functions to the industry. This year, the project team rebranded the project. The rebranding initiative was also supported by the top crypto exchange Binance. On August 30, 2024, Binance announced the completion of the Frontier (FRONT) token swap and rebranding to Self Chain (SLF).
Just four days ago, Binance also announced an airdrop for FRONT token holders.
Binance will airdrop #USDC to $FRONT and $SLF Holders.
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
More details https://t.co/Xl7wKLYkVh
— Binance (@binance) September 6, 2024
When people noticed that the project team had increased the total coin supply from 90 million to 360 million coins, despite the supply increase, the swap rate was set at 1 FRONT to 1 SELF (SLF). This led to criticism of Binance as they took no action against the FRONT coin rebrand. Experts believe that sooner or later, Binance will take strict action against this.
In the latest developments, OKX decided not to support the token rebrand plan. Reports suggest the OKX team received many complaints from users about this, where the project team increased the supply for personal benefit without informing token holders.
Indeed, with this tactic, the FRONT crypto leadership degraded the token’s value by increasing the supply for personal gain.
Following this controversy, the trading price of the FRONT token faced a significant decline.
Conclusion
Some crypto projects exploit the concepts of hardforks and softforks to deceive investors. Hardforks, which create a new blockchain version, and softforks, which update the existing chain, are often legitimate ways to improve a network. However, bad actors misuse these by suddenly increasing coin supply or altering tokenomics without proper disclosure. By doing so, they dilute the value of the original tokens, while masking these changes as necessary upgrades or rebrands. This tactic allows project teams to cash in at the expense of investors, who often find their holdings devalued or rendered useless.
OKX Halts Support for Frontier (FRONT) Coin Swap and Upgrade Amid User Complaints
https://bitcoinik.com/okx-halts-support-for-frontier-front-coin-swap-and-upgrade-amid-user-complaints/feed/
https://bitcoinik.com/okx-halts-support-for-frontier-front-coin-swap-and-upgrade-amid-user-complaints/feed/
