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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Floki Inu, known as the “people’s cryptocurrency,” announced today that it had canceled the highly anticipated Simon’s Cat presale due to aggressive attempts by bad actors to game the system.
The presale, which had initially sold out well before its public launch, was marred by fraudulent activity that disrupted the fair participation of legitimate users.
The Floki core team has announced that it will compensate users affected by the Simon’s Cat presale issues by airdropping $CAT tokens to all Champion tier users.
Floki Inu Cancels Simon’s Cat Presale Amid Bot Attacks
According to the announcement on X, the Floki team apologized to the community for the “rollercoaster” of events surrounding the presale and outlined their decision to compensate affected users.
The presale, which aimed to raise $4.25 million, was initially an overwhelming success, selling out 12 hours ahead of schedule.
However, Floki discovered that some participants used bots to gain an unfair advantage, preventing legitimate users—many of whom had bought and staked $TOKEN weeks in advance—from participating.
In response, Floki revoked the $223,815.20 worth of purchases made by these bad actors and attempted a second presale exclusively for TokenFi Champion tier users, who had been negatively impacted.
Unfortunately, the attackers returned with more aggressive tactics, leading Floki to cancel the second presale and scrap plans for future presale.
Floki Inu expressed its utmost commitment to protecting its community, stating that they would
“NEVER allow the bad guys to win against our community of legitimate users.”
The cancellation has been significantly ascribed to Floki as an upholder of its motto of being “the people’s cryptocurrency.”
In response, the Floki team canceled the second presale and instead paid the Simon’s Cat team the $223,815.20 they would have received from it.
Additionally, Floki will airdrop $CAT tokens to all legitimate Champion tier users identified in a snapshot on August 20 at 22:00 UTC.
The snapshot captured 4,044 wallets, 337 of which were identified as bots. The remaining 3,707 legitimate users will each receive an airdrop of $55.345 worth of CAT tokens at the presale valuation, ensuring they don’t need to participate in any presale.
Binance was to Facilitate $CAT Airdrop for $FLOKI Holders
Floki emphasized its commitment to fairness and protecting its community:
“We want to make it VERY CLEAR that Floki is the people’s cryptocurrency and our vision remains to be the world’s most known and most used cryptocurrency.”
The team also acknowledged the inconvenience caused by underestimating the hype surrounding the Simon’s Cat launch and reiterated their dedication to doing right by their users.
Initially, Floki Inu announced that Binance, the world’s largest cryptocurrency exchange, will support the upcoming airdrop of Simon’s Cat ($CAT) tokens on August 29, 2024, following a snapshot that Binance will conduct.
Simon’s Cat, which has a total supply of 9 trillion CAT tokens, will be launched on the BNB Chain.
Floki and DWF Labs are key partners in this venture, successfully raising $4.25 million in its presale, offering 17% of its total supply to early investors.
In addition to benefiting $FLOKI holders, the airdrop was extended to Floki Trading Bot users and members of the broader crypto community across major centralized exchanges.
