Announcements Gate.io's Explanation on the SAITAMA Migration to STCHAIN Process

Gate.io's Explanation on the SAITAMA Migration to STCHAIN Process

2024-01-29 06:14:06 UTC 53076 Read

[//]:content-type-MARKDOWN-DONOT-DELETE
On December 29, 2023, Gate.io received a token swap notification from the SAITAMA project team and actively cooperated with them to facilitate the token swap process. During the communication with the project team, we are informed that a SAITAMA employee stole funds and transfer them to Gate.io.

Subsequently, the project team stated that they could not facilitate Gate.io to complete the swap of all tokens. For the benefits of users, Gate.io initially decided not to support the swap and released an announcement after reaching consensus with the project team, informing users to contact the project team for swap procedures. However, later on, as the project team closed the transfer function of the old token ID, the original plan could not proceed.

As the project team failed to provide a sufficient amount of tokens, after further communication with the project team, we confirmed that a portion of the SAITAMA token had already been swapped. Consequently, Gate.io distributed the received tokens to users proportionally.

Timeline of the Saitama Token Migration Event:
- November 29, 2023: Gate.io suspended the deposit and withdrawal services of Saitama (SAITAMA) at the request of the Saitama project team. Details can be found here: https://www.gate.io/article/33198
- December 8, 2023: The project team informed Gate.io that a significant amount of tokens had been stolen by a former internal employee and transferred to Gate.io. This security issue was internal to the project and unrelated to Gate.io.
- December 20, 2023: The project team insisted that Gate.io could not participate in the whole Saitama (SAITAMA) token migration. The team agreed that users could withdraw their tokens to their personal wallets and contact the project team for token swap. Details can be found here: https://www.gate.io/article/33591
- January 9, 2024: Gate.io received notification from the project team that some exported addresses did not receive the new token airdrop. The project team requested assistance from Gate.io, providing proof materials for the return of the remaining tokens. However, there have been no updates from the project team, and Gate.io has not received any relevant legal requests.
- January 24, 2024: As the project team did not complete the planned airdrop of all new tokens as agreed and closed the old token ID, users were unable to contact the project team for the swap as initially planned. Currently, some addresses meeting the conditions have not been swapped, so Gate.io cannot swap and distribute tokens to users on a 1:1 basis. Details can be found here: https://www.gate.io/article/34187
- January 27, 2024: Gate.io, without receiving the remaining new token airdrop from the project team, swapped the received new tokens for users at a ratio of 1 (old) to 0.42 (new). Details can be found here: https://www.gate.io/article/34257

Saitama Token Migration Data Explanation:
Example addresses meeting swap conditions but not actually been swapped: https://bscscan.com/token/0x19ae49b9f38dd836317363839a5f6bfbfa7e319a?a=0x0d0707963952f2fba59dd06f2b425ace40b492fe 
Number of tokens already swapped by the project team: 900 million
Gate.io snapshot balance: 2113 million
Ratio of actual received new coins to snapshot balance: 1:0.42 (fall short of 1:1)

Gate.io will continue to monitor the SAITAMA token migration, and once the project team completes the swap, the remaining tokens will be distributed to users immediately to ensure the protection of user rights. Thank you for your understanding and support.

<sp>
Gateway to Crypto
Trade over 1,400 cryptocurrencies safely, quickly and easily on Gate.io

[Sign up](https://www.gate.io/signup "Sign up") to enter the crypto gateway and get 40% commission from [referrals](https://www.gate.io/referral "referrals")

[Download iOS/Android App](https://www.gate.io/mobileapp?ch=ann27560 "Download iOS/Android App") right now.

Reach out to us!
Twitter: https://twitter.com/gate_io
GateVIP Twitter:https://twitter.com/Gateio_Inst
Telegram: https://t.me/gate_zh
API Telegram: https://t.me/gateioapi
Instagram: https://www.instagram.com/gateioglobal
Medium: https://gateio.medium.com/
Podcast: https://gateio.buzzsprout.com/?ch=buzzs

Gate.io Team
Jan 29th, 2024

Change & Chart Start-End Time

Rise/Fall Color

Pay With

Gate.io's Explanation on the SAITAMA Migration to STCHAIN Process

Gate.io's Explanation on the SAITAMA Migration to STCHAIN Process

Select language and region

Select your region

Fiat Currencies