Floki Inu, widely recognized as the “people’s cryptocurrency,” has cancelled the much-anticipated Simon’s Cat presale following a botting scandal that compromised fair participation. The presale, originally a massive success with a rapid sell-out, fell victim to fraudulent botting activity, leading the Floki core team to take decisive action.
The Simon’s Cat presale aimed to raise $4.25 million and initially sold out 12 hours ahead of its scheduled public launch. However, it was soon revealed that some participants employed bots to secure an unfair advantage, preventing many legitimate users—who had prepared by buying and staking $TOKEN weeks in advance—from participating.
In response, Floki revoked $223,815.20 worth of purchases made by these bad actors and attempted to run a second, exclusive presale for TokenFi Champion tier users who were most affected. Unfortunately, the second attempt saw even more aggressive botting tactics, forcing Floki to cancel the presale entirely.
To address the disruption, Floki Inu announced plans to compensate affected users by airdropping $CAT tokens directly to all legitimate Champion tier users. The Floki team emphasized their commitment to their community, stating, “We will NEVER allow the bad guys to win against our community of legitimate users.”
Floki’s decision to cancel the presale underscores the platform’s dedication to fairness and community support. The team ensured that the Simon’s Cat team would still receive the $223,815.20 they would have earned from the presale.
The airdrop will distribute $CAT tokens to 3,707 legitimate Champion tier users, based on a snapshot taken on August 20 at 22:00 UTC. Each eligible user will receive approximately $55.345 worth of $CAT tokens at the presale valuation, ensuring their participation without the need for another presale attempt.
The snapshot identified a total of 4,044 wallets, with 337 being flagged for botting attempts. Floki also acknowledged the inconvenience caused by underestimating the hype surrounding the Simon’s Cat launch and reaffirmed its commitment to the community.
In a related development, Binance, the world’s largest cryptocurrency exchange, announced its support for the upcoming airdrop of Simon’s Cat ($CAT) tokens on August 29, 2024, following a snapshot conducted by the exchange. The Simon’s Cat token, which has a total supply of 9 trillion CAT tokens, will be launched on the BNB Chain.
Floki and DWF Labs, key partners in this venture, successfully raised $4.25 million in the presale by offering 17% of the total supply to early investors. The airdrop will also extend to Floki Trading Bot users and members of the broader crypto community across major centralized exchanges.
