Due to the recent suspension of Infinitus Token (INF) from 23 April 2021, we would like to disclose the facts as followed:
1. Towards the end of 2020, we have conducted an ongoing coin listing checkup on Infinitus Token (INF) and found that the token is no longer qualified to be listed on Bitkub.com. The reasons include but not limited to the followings:
1.1 Lack of development activity for a long period of time
1.2 Lack of cooperation for providing information, and unresponsiveness to our periodic due diligence requests
1.3 Low level of public communication
Since then, we have attempted to communicate with the issuer to resolve the issue periodically. However, no improvement was made and no proper timeline was given by the issuer.
2. We have detected several suspicious activities on 23 April 2021, related to a group of users. This particular group has been making a large amount of Infinitus Token (INF) deposits regularly and selling them after a short period of time. We deem such activities to be alarming and dangerous. Therefore, to prevent potential damages to the investors, we decided to suspend both trading and deposit of this token.
3. Due to the above events and a lack of project progress/improvement that are not in line with the increasing price of the token, we have decided to delist Infinitus Token (INF) from Bitkub.com.
4. Since Infinitus Token (INF) is not listed on any other exchanges other than Bitkub, we are aware that most of the investors will not be able to transfer or liquidate the token elsewhere. Therefore, Bitkub aims to protect the investors by deciding to compensate the customers with the following conditions:
4.1 Bitkub will offer to compensate with reference to the initial cost of INF tokens deposited in the wallet of Bitkub.com. Bitkub will compensate the customers only for the cost of INF tokens bought in Bitkub.com and such customers are still holding the INF tokens. The compensation scheme does not cover the INF tokens received from other persons or other exchanges.
4.2 Bitkub will send the confirmation email to the eligible customers, confirming the latest INF token balance, its average cost paid, amount of Thai Baht deposited in the wallet, and the compensation procedure within 14 days from the date of this announcement.
4.3 Your tokens will still remain in your wallet and are available for withdrawal at any time.
We apologize for any inconvenience caused.