Botting Controversy Leads FLOKI INU to Cancel Second Simon’s Cat Presale

Floki Inu, referred to as the “people’s cryptocurrency,” announced today the cancellation of the much-anticipated Simon’s Cat presale due to aggressive efforts by malicious actors attempting to exploit the system.

The presale, which had originally sold out well ahead of its public launch, was tainted by fraudulent activities that hindered fair participation for genuine users.

The Floki core team has declared that it will compensate users impacted by the Simon’s Cat presale complications by airdropping $CAT tokens to all Champion tier users.

Floki Inu Cancels Simon’s Cat Presale Amid Bot Attacks

IMPORTANT UPDATE ABOUT THE SIMON’S CAT PRESALE
Dear Vikings!
First and foremost, we sincerely apologize for the tumultuous experience surrounding the Simon’S Cat presale!
After thoroughly analyzing data on how AGGRESSIVELY some bad actors attempted to manipulate and bot this presale,… pic.twitter.com/p9Wclkfrix

— FLOKI (@RealFlokiInu) August 22, 2024

In the announcement on X, the Floki team expressed regret to the community for the “tumultuous” events related to the presale and detailed their decision to compensate affected users.

The presale, which aimed to generate $4.25 million, was initially a remarkable success, selling out 12 hours prior to the scheduled time.

However, Floki identified that some participants employed bots to secure an unfair advantage, preventing legitimate users—many of whom had purchased and staked $TOKEN weeks earlier—from taking part.

In response, Floki annulled the $223,815.20 worth of transactions made by these malicious actors and attempted a second presale exclusively for TokenFi Champion tier users who had been adversely affected.

Regrettably, the attackers returned with more aggressive strategies, prompting Floki to cancel the second presale and abandon plans for any future presales.

Floki Inu reaffirmed its strong commitment to safeguarding its community, stating that they would

“NEVER allow the bad guys to win against our community of legitimate users.”

The cancellation has been notably attributed to Floki as a proponent of its motto of being “the people’s cryptocurrency.”

Consequently, the Floki team canceled the second presale and instead compensated the Simon’s Cat team with the $223,815.20 they would have received from it.

Furthermore, Floki will airdrop $CAT tokens to all verified Champion tier users identified in a snapshot taken on August 20 at 22:00 UTC.

The snapshot recorded 4,044 wallets, with 337 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 do not need to engage in any presale.

Binance was to Facilitate $CAT Airdrop for $FLOKI Holders

Floki underscored its dedication to fairness and community protection:

“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 recognized the disruption caused by underestimating the excitement surrounding the Simon’s Cat launch and reiterated their commitment to rectifying the situation for their users.

Initially, Floki Inu announced that Binance, the largest cryptocurrency exchange globally, would support the forthcoming 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 collaborators in this initiative, 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 wider crypto community across major centralized exchanges.

The post Botting Scandal Forces FLOKI INU to Scrap Second Simon’s Cat Presale appeared first on Cryptonews.