Arowana Project
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Arowana Project

Arowana Official Statement on Biased Articles

Dear Arowana community members,

Recently, there were articles released based on distorted facts about the Arowana token and the Arowana Foundation for the purpose of gaining personal profit. This caught our attention for raising concerns about serious defamation and obstruction of business to the Foundation.
Therefore, to prevent further speculation and controversy from all the rumors, Arowana would like to officially announce as follows.

1. GoldU Group Co., Ltd., the informant and the party to the lawsuit, had signed a sales consignment contract with a consignor in relation to the distribution of Arowana Tokens. However, GoldU Group Co., Ltd. violated its obligations under the sales consignment contract, and the consignor terminated the contract with GoldU Group Co., Ltd.

In the early stages of token distribution, the Arowana Foundation signed an ‘Arowana token-based digital financial service operation and marketing consulting contract’ (hereinafter ‘Arowana Project Service Contract’) with the consignor and decided to perform various tasks with the agency to deliver better service of the Arowana project to the users.
GoldU Group Co., Ltd. is involved in this process, and the group is not just an investor in the Arowana project, but rather a group that has signed an “Arowana token sales consignment contract” with a consignor to sell the Arowana tokens received from the consignor through the Bithumb Exchange.

However, it was revealed that GoldU Group Co., Ltd. violated the contract and improperly distributed Arowana tokens. Accordingly, the consignor has legally terminated the contract with GoldU Group Co., Ltd., but GoldU Group Co., Ltd. is claiming that there is no reason to terminate the contract and is currently in the process of litigation with the consignor.

2. Regarding the sales consignment contract violation of GoldU Group Co., Ltd., Bithumb Exchange detected an abnormal transaction by GoldU Group Co., Ltd. and requested the Arowana Foundation to confirm and explain the transaction and account.

The Arowana Foundation agreed to distribute the initial volume of Arowana tokens through the Bithumb Exchange.

However, Bithumb Exchange detected that there was an abnormal transaction and requested an explanation from the Arowana Foundation regarding the higher volume that flowed into the exchange than the volume stated in the initial vesting plan and also about the volume that should be circulated after listing.

The Arowana foundation has investigated the case and found out that the account was used by GoldU Group Co., Ltd. to inappropriately distribute and violate the contract with the consignor.
As a result, the Bithumb Exchange considered the account as an accidental account and suspended the transaction.

In the end, the contract between GoldU Group Co., Ltd. and the consignor was also terminated due to this breach of contract by GoldU Group Co., Ltd.

3. Provisional seizure of bonds is only a temporary measure that can be decided by the applicant’s unilateral claim alone regardless of facts.

GoldU Group Co., Ltd. applied for the provisional seizure, in which a court decision can be made only by the applicant’s unilateral claim alone regardless of the facts, as temporary measures, against Arowana Hub Co., Ltd, which is the token custodian of the Arowana Foundation, and tried to set the whole scene as if there is a legal problem with the distribution of Arowana Token. Also GoldU Group Co., Ltd.
In addition, GoldU Group Co., Ltd. uses the media to disseminate reckless speculative articles that say that investors are facing a risk of large-scale losses.

This seems to be a malicious intent to take an advantage of a lawsuit filed by the current consignor against an official of Gold You Group, who has committed illegal acts.

The Foundation believes that the current situation of misleading and mocking the public through the actions of the GoldU Group Co., Ltd. has reached a very serious level.

In this regard, to prevent further damage that may occur to the Arowana Foundation and to users and investors who trust the Arowana token, the foundation will take immediate and active action against GoldU Group Co., Ltd, on the provisional seizure of bonds filed against Arowana Hub.

In addition, the Arowana Foundation believes that if any rumors are spread through the media based on one party’s claim, the related damage will increase uncontrollably. Therefore, Arowana Foundation will take legal action to hold various civil and criminal responsibilities against those involved in this case.

4. The Arowana Foundation will do its best for the stable and transparent operation of the Arowana project.

Arowana Foundation will not hesitate to take legal action against anyone who deliberately tarnishes its reputation through misrepresentation or misinformation.

Thank you.

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