Final Community Update — (September 2019)

Dear supporters and friends of Capdax,

We would like to begin this update by thanking everyone for their patience over the past weeks. Since the decision announced in the previous update to discontinue the Capdax project, we have been working hard to resolve any remaining business matters and secure a convenient way of buying back all tokens. In order to achieve full transparency, we have also commissioned an independent investigation into Capdax’s financial affairs. This update will give instructions on how to take part in the buy back, and detail the results of the investigation.

It is very important to us as founders to provide maximum transparency and accountability. We therefore engaged an independent, certified, and experienced accountant to conduct an official financial inspection of the funds gathered and spent, as well as the funds remaining today. The report was delivered this week, and the executive summary can be found here. The report proves beyond doubt that the project has not enriched the founders or any related entities while providing a proportional overview of expenses and asset depreciation resulting from a declining market. Evidence is given that the founders never received a salary for their work on the project, and contributed over 4 million USD combined, making them Capdax’s biggest financial contributors. We are pleased to have been able to provide this transparent overview to fully address any questions or concerns the community may have. For any further clarifications regarding the report, the summary contains a digital form which you can use to reach out directly to the financial accountant.

We have continued to work hard over the last weeks to prepare for the closure of the operative entities as well as the foundation. The team on payroll has been laid off, and all existing partnerships have been terminated. We are happy to announce that we can conduct the buy back through the IDEX exchange. This means that whether tokens were purchased during TGE or afterwards on the open market, they can be conveniently exchanged during the buy back period without further legal and processing fees. This will also prevent Capdax’s remaining funds from being lowered by any related expenses.

The buy back will proceed as follows (please see legal disclaimer below):

• Take out your tokens from the platform by the 4th of October 2019, if you have not yet done so. You can request this through the Ambassador program or through your account on https://capdax.com/, to any ERC-20 address you provide. This can be your personal IDEX deposit address, which will give you direct access to the exchange process. The request may take a few days to process as we expect the volume of requests to be high over the coming weeks. Don’t hesitate to contact our community managers if any issues or questions arise.
• The capdax.com website, along with the Telegram community channel, will become unavailable after the 4th of October 2019.
• Everything has been finalized in terms of corporate books. All remaining funds have been converted into ETH and we have calculated the final conversion rate based on XCD in circulation. Shortly after this update is published we will set up large XCD buy orders on IDEX. This will allow us to buy back all tokens in circulation at the same ETH rate of 1 ETH / 60,954.06 XCD for everyone (or 0.00001640 ETH / XCD on IDEX) . Orders will be placed incrementally which might lead to fluctuation in available ETH at each moment. The rate guarantees however that all XCD in circulation can be bought back.
• The buy back will be available on IDEX for a full year, and everyone can choose their conversion date. We will however be unable to provide any support after the 4th of October 2019.
• Information on IDEX and how trading works can be found here https://idex.market/eth/idex
• Team, foundation and advisory tokens have not been sent out as per our vesting terms, and will therefore be excluded from the buy back.

This will be the final update from the Capdax team. We will continue to work hard in this final phase to ensure that all loose ends are tied up efficiently and that the buy back process runs smoothly. We thank everyone for their support for the project over the past two years.

For further information, questions or to speak with a member of the Capdax team, please join us on the Capdax Telegram channel.

Legal disclaimer: Please note that we have set out the buyback procedure, which is a commercial process undertaken by Capdax, as a matter of convenience and for informational purposes only. It is not to be regarded as a contractual agreement and does not supersede or vary the terms of any prior agreement entered into by Capdax and any other party, including the token sale agreements. No guarantees are made and no rights or obligations for either you or Capdax are created. If you choose to sell your Capdax tokens you do so at your own risk, as any other market participant and Capdax accepts no responsibility for any consequences which may arise.