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OKX Halts Support for Frontier (FRONT) Coin Swap and Upgrade Amid User Complaints
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.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.
Binance previously announced that it has completed the Frontier (FRONT) token swap and rebranding to Self Chain (SLF). The community criticized that the total token supply increased from 90 million to 360 million, and 1 FRONT = 1 SLF was still retained. The value held by users…
— Wu Blockchain (@WuBlockchain) September 2, 2024
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.
OKX announced that it will not support the token swap and brand upgrade of Frontier (FRONT) currently. FRONT/USDT and FRONT/USDC will be delisted. Earlier, Binance announced that it would support the upgrade of FRONT to SELF. However, the community found that the total amount of… https://t.co/mElnUqq0jf
— Wu Blockchain (@WuBlockchain) September 10, 2024
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.
Read also: Tether & Tron Establish the First Private Financial Crime Unit—A Game-Changer in Fighting Crypto Crime
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.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.
Binance previously announced that it has completed the Frontier (FRONT) token swap and rebranding to Self Chain (SLF). The community criticized that the total token supply increased from 90 million to 360 million, and 1 FRONT = 1 SLF was still retained. The value held by users…
— Wu Blockchain (@WuBlockchain) September 2, 2024
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.
OKX announced that it will not support the token swap and brand upgrade of Frontier (FRONT) currently. FRONT/USDT and FRONT/USDC will be delisted. Earlier, Binance announced that it would support the upgrade of FRONT to SELF. However, the community found that the total amount of… https://t.co/mElnUqq0jf
— Wu Blockchain (@WuBlockchain) September 10, 2024
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.
Read also: Tether & Tron Establish the First Private Financial Crime Unit—A Game-Changer in Fighting Crypto Crime
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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