Shopin Releases FAQs to Guide Token Swap Process
Shopin officially kicked off its Token Swap today, July 15, in response to a recent security breach and to set a new industry standard for how security and privacy are handled by today’s leading cryptocurrency companies.
To fulfill on the goal of the Token Swap, Shopin is calling on all holders of SHOP Tokens to follow specific instructions of the token recall in order to complete a one-to-one swap for new SHOPIN Tokens. For existing participants and token holders who acquired SHOP through secondary sources, please reference this blog post for detailed instructions. For syndicate leads and members, please contact us at firstname.lastname@example.org for instructions.
It is strongly advised that if you are in possession of SHOP Token(s) that you participate in the Swap otherwise you will own a token with no value. Only the SHOPIN Token will be recognized within the Shopin ecosystem.
Below is a sampling of questions and answers involving the Token Swap.
What does this Token Swap mean and what is the new Shopin Token? This is our proposed solution to an extremely difficult and troubling event that took place on June 1 when one of our Japanese syndicate leads had their wallet hacked, resulting in a loss of about $10 million in tokens that included Shopin, Ethereum, Orbs, and Level Up. We believe that the best approach to making this situation whole again and ensuring that our community continues to thrive in a secure way is to create a one-for-one Swap for anyone who holds original SHOP Tokens in exchange for newly minted SHOPIN Tokens.
How many tokens will be part of the Token Swap? This swap will be one-for-one. Similar to the TGE, we will generate 1.5 billion SHOPIN Tokens that will be sent to three different wallet addresses — one that is used for Shopin employees, one that holds company tokens, and one specifically for holders of existing Shopin Tokens acquired during the TGE.
How will the Token Swap work? We are recalling the SHOP Token and introducing the new SHOPIN Token. We are creating a new contract with the new token, and instead of sending it out to everyone through an automated distribution system like we did before, we will be much more tempered in how we distribute tokens for the Token Swap to avoid any risk of a security breach.
How do you participate in the Swap if you’re part of a syndicate within a syndicate? Simply send the tokens to the syndicate contract address directly, which the syndicate lead will share. You will already have been whitelisted.
Why is there an initial lock on trading? New SHOPIN Tokens will be locked to make sure that the original Shopin Tokens are officially recalled and there are no errant tokens floating around our crypto universe that are not officially endorsed by Shopin and could possibly be under the nefarious control of a hacker. None of us want this. It discredits our community, the loyalty of our participants, and the integrity of Shopin.
What about token holders from countries that are prohibited from ICOs? We are swapping tokens not selling them.
How can I participate in the Swap if I got my tokens from a TGE syndicate? Your syndicate lead will contact you with an Ethereum address unique to your syndicate. You will need to submit your KYC-AML to Shopin or work with your syndicate lead to proceed with the Token Swap. If you send your SHOP directly to Shopin, we will return a link to begin KYC-AML verification.
How can I participate in the Swap if I got my tokens from a TGE syndicate and then later on IDEX? It’s the same process for any syndicate or pool member: Your syndicate lead will contact you with a unique address and no KYC-AML is required. You simply send your tokens to that address and within 72 hours you should receive your new SHOPIN Tokens.
What is the time frame for submitting KYC-AML verification documents? If you were an existing participant of our TGE, then there is already confirmation that you have passed our KYC-AML process and you can continue with the Swap. If you were part of a syndicate or pool, your syndicate lead will contact you with a contract address unique to your syndicate. No KYC-AML is required.
For those who did not acquire or receive original SHOP Tokens directly from Shopin but instead got them from secondary market sources, such as a decentralized exchange or a friend, it is absolutely necessary for you to go through Shopin’s KYC-AML process before you’re able to participate in the Token Swap and receive new SHOPIN Tokens. Please allow up to 72 hours (not counting public holidays or weekends) for the Shopin Team to complete this process.
What are some of the factors that would prevent someone from passing KYC-AML verification? Possible reasons include, but are not limited to:
- Expired I.D.
- Outdated Proof of Address
- Low-res pictures
- Mismatched name and/or address information
- Same document uploaded for ID and Proof of Address
If I’m a syndicate lead, do I need to have everyone send their tokens back to me? What are the best steps to follow? Please contact the Shopin Team if they have not already reached out to you. Shopin will issue a specific contract for receiving and distributing tokens to your participants. Shopin will do all the heavy lifting and all you need to do every 24 hours is press a button to send the tokens.
Is it necessary to return all Shopin Tokens (SHOP) to the original wallet address where you guys sent them? And does that include the syndicates? The goal is to reissue every single SHOP Token. We request at this time that you send the tokens back to the Ethereum address as per instructions in our recent Medium blog.
When does Shopin plan to update its website with relevant information on a product roadmap and milestones reached so far? And when will you be on GitHub? We have just extended our Product Timeline to December so our community remains aware of the amazing progress we’re making as we approach our launch in Q4. We also just added aspects of our core proprietary technology infrastructure to GitHub as part of a third-party audit performed by a representative from Novoa Media. Please see the full video screencast here or read our blog on Medium. The audit, while mostly internal, included aspects of Shopin’s Artificial Intelligence, personalization algorithms, and back-end software. Over time, additional code will be shared publicly on GitHub as examples of the significant product development milestones Shopin is spearheading for the technology and crypto communities.
I was not part of the original Shopin TGE. After passing KYC-AML verification, can I swap my tokens? Yes, absolutely.
When will Shopin resume trading? New SHOPIN Tokens will be locked to make sure that the original Shopin Tokens are officially recalled and there are no errant tokens floating around our crypto universe that are not endorsed by Shopin and could possibly be under the control of a hacker.
What is Shopin doing to ensure that the hacker cannot swap their stolen tokens? Shopin has worked with exchanges to ensure that they do not support SHOP Tokens and that they know the SHOPIN Token is the official token. We have also been very vocal in emails, press, and social media that we are tracking the stolen tokens and that they will not be redeemed for SHOPIN tokens. If the hacker sends us the tokens, we will seize them. Every day the Shopin Team will be comparing the swap request addresses with the latest blacklist of wallets containing stolen tokens. We will not be redeeming stolen tokens.
Outside of the Telegram community, how is Shopin sharing information on the Token Swap and other updates? We make every effort to keep the entire Shopin community updated and informed through active email campaigns, our website, blog posts, press, and on a one-on-one basis in some cases. Also, please join the active conversation on our social channels: Twitter, Facebook, LinkedIn, Reddit, Steemit, and YouTube.
For the complete list of Token Swap FAQS, please visit our website.