TronWallet has accused the founder of TronWatch Market (TWM) Exchange of stealing 180 Million TWM token, resulting in the two firms severing ties with each other.
TronWallet says TronWatch Market (TWM) DEX founder Antonie P aka Magalon breached his merger agreement with TronWallet shortly after the platform acquired TronWatch DEX, a decentralized exchange built on Tron blockchain, which is powered by smart contract technology.
TronWallet, which has decided to shut down TronWatch DEX and build its own native exchange, alerted that TronWatch team have inflicted the DEX code with bugs, causing a seemingly unending issues for the exchange.
While no TWM fund was compromised due to the robust problems, the exchange enjoined all TronWatch users to stop every order and withdraw of funds from the infected exchange.
On August 1, 2019, TronWallet acquired TronWatch Market (TWM) DEX through what could be referred to as a merger of teams and tokens.
After the merger, nothing less than 5 of 7 TWM’s team left without prior notification. At the moment, only two of the team are left and working to fix the TWM DEX remaining issue.
“The knowledge transfer was really difficult since most members had left the project. At the same time, more and more TWM DEX issues started to appear and without the knowledge from previous team members, our team have worked many months figuring out what to do next and deconstructing what went wrong,” TronWallet said.
As time goes on, the founder of TronWatch DEX Antonie P began distancing himself from the project.
As said by TronWallet team, it was previously agreed that the founder and the new team will work in developing an improved TWM v2 and possibly launch it on new chains like Ethereum, EOS and others, however, the attitude of the TronWatch team did not make it happen.
TronWallet alleged that the original TWM team of dumping the project and left without informing the new team. They failed to join in developing the v2 as agreed and did not deploy their DEX to other chains.
As contained in the first agreement, TronWallet team planned to give the TWM team nothing less than 1B TWX tokens in 10 years vesting contract, but the team renegotiated to get 180M TWX in 3 years contract.
180 Million TWX Allegedly Stolen by Megalon, TronWatch Founder
Due to the agreement, 180M TWX was forwarded to Magalon on December 4th, and it was agreed that the founder would put the fund in a vesting smart contract for 3 years.
However, Magalon was alleged of noncompliance with the agreement. The allegation claimed Megalon stole the tokens that were to be shared by the entire 7-member TWM team and dump millions of TWX tokens on trontrade.io and poloniex.org without anyone noticing.
“Magalon has, unfortunately, shown his real identity as someone who deceives and steals,” TronWallet claims.
“His deplorable actions additionally damages the trust given to him by thousands of users who have helped fund his TWM DEX over the past months.”
Responding to the allegation, TronWatch denied having control over the current version of TronWatch Market, saying TronWallet already implement bug to cause issues.
Early this year, TRON acquired TRONLINK, a chrome wallet for Tron (TRX), owned and developed by the TronWatch.
