RWA leader @OndoFinance appear to scam its investors?
$10MM was raised, no transferable tokens and no official response
Investors have no ideas when will they get their money back.
I’m unpopular, so I need your help to retweet and help those people.
TLDR
Ondo raised 10M+ thru @CoinList token sales in May 2022, ~20000 people involved. Token vesting starts in June 2023 by the agreement.
Until now (Dec 2023), no token are transferrable and there is no exact official timetable for token unlocks.
Soft rugged?
Timeline:
• May 2022: CoinList Sale
• May 2023: Ondo start "unlocking" discussion
• June 2023: Most of investors wants to unlock the tokens but there's a "global lock-up"
No official follow-up since then
What's a global lock-up?
Officially, it allows the Ondo community to collectively decide when to unlock tokens.
Note: The Global Lock-up was mentioned in the sales information but surprised some people.
It’s basically not possible to pass Global lock-up by investors
You need 100M Ondo Token to create a proposal. That’s almost impossible.
Here's why 👇🏻
Retailers situation:
For general token sales on Coinlist, you can only purchase $500 (~9.1K Ondo tokens).
This means you need to find another 11,000 people (or equivalent token amount) to delegate their tokens to you in order to create the proposal.
For the proposals created by the admin, I have observed that the total votes right now are not even close to 100M.
The team also holds significant power. I believe that even if a proposal is created, it won't pass either.
Q: is Ondo Finance a legit RWA project?
100% yes and it’s collaborate with so many well-known name including @0xMantle, @Injective, @pendle_fi
They are trusted by many institutions. That's why I’m confused on their approach to their retailers investors.
twitter.com/pendle_fi/status/1694314286494200274
Token unlocking problem:
Different vesting usually comes with different prices.
In the Coinlist sale, vesting in option 2 will soon be all released.
Anyone who buys on option 2 buys at a higher price than option 1, but the tokens are still locked until now. It is not fair.
cont.
For those locked token, there are no staking options and other form of compensation.
Also I haven’t heard of any extra locking period extension for the seed round investor and the team.
It is purely unfair for all the Coinlist investors.
People have been having response from the team.
I’m asking @OndoFinance Team to give an official response ASAP, and not just let the investors wait for nothing.
Even if you're not an investor, please help spread this message:
Taking $10MM without any responsibility is unacceptable in the crypto space, especially if it's not a scam project.
We all have a responsibility to monitor and contribute to improving the industry.
Any comment, like, retweet are much appreciated. I hope to raise more awareness so the team will actually take care of the problem.
Foxi 🦊
@Foxi_xyz
Honest Analysis | Check "Highlight" & "Article" in my bio for accessing my free research ✍️ | 中文帐号 @foxixyz_CN 🔸 Focus: DeFi & AI