Today, apM Coin project would like to make an announcement under the objectives to transparently share currently verified facts about APM token value crash which occured around the end of October to early November 2020, so that the project can 1) rebuild trust in a relationship with directly and indirectly related parties; 2) have an opportunity to restore its token value; 3) resolve uncertainties from overall APM holders who were hit by the value crash; and 4) promote the interests of the general public.
From 25 October 2020, apM Coin token value had plunged due to abnormal selling pressure for unknown reasons for a couple of days. The project immediately started an investigation to figure out the causes of the incident. It is found out that in August 2020, Mr/Ms A swindled the persons related to token listing and took 54,375,000 APM — which is 3% of APM’s total supply — from the project in the name of expenses for apM Coin token listing on Bithumb. And then, Mr/Ms A maliciously sold off all the tokens from 25 October 2020.
Thus, apM Coin project requested Seoul Metropolitan Police Agency to conduct an investigation on the incident, and sued Mr/Ms A and others. On 10 August, the police agency completed the investigation for lengthy periods of the time; according to the investigation, Mr/Ms A is accused of violating the ACT ON THE AGGRAVATED PUNISHMENT, ETC. OF SPECIFIC ECONOMIC CRIMES (Fraud) for Bithumb token listing and Mr/Ms A’s case has been transferred to the prosecutor’s office with a charging opinion. The prosecutor’s office is also investigating whether the remaining others are proven guilty or not. While apM Coin project took fact-finding procedures, it is confirmed that Bithumb implements its coin/token listing in accordance with a clearly-stated process by receiving listing applications through the official listing email account as explained on the exchange’s official website; when Bithumb conducts these tasks, the exchange does not make any illegal activities.
After apM Coin project confirmed the facts about the incident, the project retrieved all tokens of 54,375,000 APM which were illegally sold by Mr/Ms A, by purchasing them on the exchange, in order to recover the value from the dramatic crash. The retrieved tokens are planned to be used for enhancing the value of APM token holders; the details will be announced soon after discussions with APM-listed exchanges.
apM Coin project is a company with sound financial stability; the project secures Korea’s largest B2B fashion malls apM, apM PLACE and apM Luxe for its service adoption from the beginning of its business. The project aims to improve customer shopping experience of apM malls, which can increase in the number and amounts of business trades between the malls’ wholesalers and buyer customers. In order to achieve the said objectives, the project always takes a holistic approach that puts significance on enhancing business credibility and self-sustainable value growth of the project. And for the successful objectives achievement, it is essential to strengthen the credibility of apM Coin’s ecosystem participants towards the project. In this regard, the project will communicate with the project’s ecosystem participants in a transparent manner by sharing facts about incidents as best as it can and take the most optimal response under the situations; additionally, the project will strive to achieve our objectives while enhancing the project values for apM Coin’s ecosystem participants including APM token holders.