AlienFI IAO Cancelation Draws Controversy

Xirtam token's planned initial airdrop (IAO) on the Arbitrum decentralized exchange AlienFi was canceled minutes before launch.

AlienFI IAO Cancelation Draws Controversy
AlienFI IAO Cancelation Draws Controversy

On 26th April, minutes before activation, the initial airdrop offering (IAO) of Xirtam token on the decentralized exchange AlienFi was canceled.

It was initially unclear who was responsible for the cancellation. In a series of screenshots posted to Twitter, AlienFi alleged that unbeknownst to the development team, Xirtam conducted “a seed sale sold 3x+ below the Fjord price” before the scheduled IAO and that Xirtam “decided to cancel” after AlienFi developers discovered the event, resulting in a pricing dispute.

Xirtam was scheduled for a two-part presale with liquidity protocol Fjord Foundry and a private-public sale with AlienFi, according to a 20th April post. The IAO with AlienFi was planned for 26th April with a total fund-raising goal of 350 ETH for 50,000,000 Xirtam tokens.

According to Fjord Foundry data, Xirtam’s presale ran from 23rd April to 26th April and generated a total volume of $3.9 million. The developers of AlienFi stated in a statement released on 26th April that the launch was canceled “five minutes before it was scheduled to begin.”

 


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