KoinOK is NOT supporting TRON Token Migration

Dear Community,

As you all must be aware, TRON is going to launch its mainnet within a couple of days. Although all major exchanges are supporting TRON token migration, we have decided to take the opposite route and we are delisting TRON from our exchange.

The reasons for the same are stipulated below:

i) The most important factor is what transpired with EOS mainnet launch, which we all know turned out to be disastrous, to say the least. Because of the requirement of 15% staking for EOS mainnet to go live, the process got further delayed because there was not enough support from the community and user funds were stuck for the whole period. And when the mainnet finally became operational, it had to face a major bug because of which again an operational crisis arose. Then there was a constitutional crisis when 7 EOS accounts were frozen by the Block Producers. In such instances, it is the token investors who are most negatively affected.

Dan Larimer (founder of EOS) was the original architect of dPOS consensus mechanism and has been working on the same for the last 5 years, and TRON will also use the same dPOS algorithm. If EOS couldn’t secure its network using dPOS, it’s hard to believe TRON mainnet launch would go smoothly. As the most customer-focused exchange in India, we have decided that this is a risk not worth taking keeping in mind the best long-term interests of our user base.

ii) Tron’s test period is 6/1–6/24, during which the developers are raising bugs and capturing bounties. We strongly feel that given the fact that Tron is still in development phase (even the protocol specs; and the team is working on fixing the bugs and introducing required feature), launching the genesis block next day is unfeasible for a stable network. Once the genesis block is launched, it will be impractical to introduce any core changes if any new bug is found. If TRON delivers an effective launch and is able to sustain it, we’ll be more than happy to consider listing it again in future.

iii) Even ignoring the long-standing concerns with regard to TRON project including that its white paper was largely copied, controversies around TRON don’t seem to die, with new ones cropping up at regular intervals. For example, the majority of Java-Tron’s codebase is based on the EthereumJ library — one of the most buggy implementations of the Ethereum protocol.

iv) We earlier decided to launch TRON as an ERC20 token as in that manner it was secured by Ethereum Network, which would no longer be true going forward. Now, when listing it with a separate blockchain based on dPOS consensus mechanism, subjectivity creeps in and there could be high levels of centralization within the ecosystem. In such a scenario, 51% attack cannot be overlooked. This would again negatively affect the retail investors the most. Recent attacks on Verge and BitGold makes us further risk averse and we don’t want at least our user base to hold TRON on KoinOK.

Finally, we appeal to our current users who currently have TRON in their KoinOK wallet and want to keep holding it to transfer their TRON token to any of the other exchanges supporting TRON token migration. It is highly advised that the users withdraw their TRONs from KoinOK before June 24. In order to make it relatively convenient for our users to withdraw TRON from KoinOK, we are slashing our withdrawal fees by 50% from 50 TRX to 25 TRX. Furthermore, we are going to disable fresh new TRON deposits effective from 21st June 2018 04:00 PM.