Some very interesting news in regards to the BlockNet ITO came to light earlier today. Most of you will remember part of the ITO was held on CoinGateway, but was sold out incredibly fast for some unknown reason. Today, we know the reason, so let’s see what happened!
CoinGateway had a certain supply of BlockNet ITO shares (BLOCK) to sell in exchange for the altcoins making up the BlockNet. These coins are FIBRE, Next Horizon, LibrexCoin, XCurrency, SONIC, Apexcoin, BitSwift, Utilitycoin and Stealthcoin. Purchasing BLOCK with any of those counts would entitle customers to a 10% price discount.
While this was expected to be a great success,no one expected CoinGateway to run out of BLOCK for sale within less than 24 hours. Unfortunately, that did happen for some unknown reason at that point in time.
According to this post on BitcoinTalk, some of the BLOCK held at CoinGateway were being locked inadvertently, and thus they could not be sold. This is reflected in CoinGateway’s transaction history, as the total amount of BLOCK sold was far less than the amount of BLOCK supplied by the BlockNet team.
Because of these ITO tokens being locked unfairly, CoinGateway has agreed to make the additional BLOCK available for purchase. As before, these tokens can be purchased using the participating altcoins in the BlockNet project.
“Blocknet tokens will be available on CoinGateway until 8am GMT tomorrow, when the Bittrex buyback period ends.”