BLABBER stops IDAX Foundation IEO and listing.

Michael Freund
Jun 26 · 2 min read

This is to inform everybody who bought BLA Tokens as well as the crypto community as a whole of what happened during the two day IEO BLABBER planned for the last 70 days with IDAX.

IEO Trading June 21 and 22

When trading started on June 21, after 7 seconds we saw 40% of our BLA Tokens being transferred from our account without a corresponding increase in our ETH account. We immediately protested with IDAX to no avail. (Now we know that IDAX used bots to “buy” our BLA Tokens without reimbursing us!) Consequently, most of our regular users and people interested in BLABBER were blocked from trading and thought they were just too late. In fact IDAX has scooped up almost 15,000,000 BLA Tokens allocated for the first trading day. We sent IDAX Telegram messages and demanded they cease this trading practice immediately and stop the IEO. We received no response, and instead, the same trading practice was used on June 22nd. We have contacted IDAX again on 23rd, 24th, and 25th of June and set deadlines for reimbursing IEO participants and clarifying the situation. No response until today. Everything was documented with screenshots.

Our next steps

  1. We know of at least 4 other companies who were also recently hurt in an identical way during IDAX Foundation IEOs and who have plans against IDAX.
  2. IDAX only distributed 806,085 BLA, including bonuses equivalent to 59,71 ETH. The rest of 63,500,000 BLA, equivalent to 2800 ETH, was sold to bots. As IDAX refused to refund tokens to IEO participants, we plan on refunding all individuals who can proof IEO participation. No matter what IDAX does, we will reimburse all organic IEO purchasers. We will buy back their BLA and transfer ETH. Our image is the most important aspect of our business. We will always act in a most ethical fashion.
  3. BLABBER will burn all BLA that were “stolen” by IDAX. That may cause a reaction that IDAX will stop trading BLA. We consider this the smaller of risks compared to being held hostage.
  4. We reported the IDAX fraud to the French and German Departments of Prosecution. We are planning on filing a class action lawsuit.

Be assured that we will continue the development of the BLABBER App. We will soon make an announcement about the future of the BLA Token distribution which will be either an IEO or a direct listing. Your input on this decision is most welcomed.

Please stay tuned to our Telegram channel, our social media channels, and our website where further information will be shared.

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