PhotoChromic — update May 2024

Chromies,

We wanted to provide an update on our project, as it has today been announced that we will be delisted from HTX.

As some of you may be aware, our project, along with others that listed on Huobi around the same time, had our security deposits misappropriated by the exchange. This has been a significant setback for us.

During our private round, we raised $1.25 million, of which $450,000 was spent on product development, and the remaining balance was held by Huobi with the expectation of being released after a 6-month period. Unfortunately, Huobi withheld these funds indefinitely. Despite our continued efforts to engage with them, we have been met with evasive responses and denials.

We have spent our remaining token treasury on liquidity, and in March, we were informed by the exchange that a minimum requirement for remaining listed is to secure an alternative listing on the Poloniex exchange (unsurprisingly owned by HTX), which carries a $30,000 listing fee — a cost we simply cannot afford at this time.

We are deeply disappointed with this outcome, as our project offered tangible value to the banks and financial institutions we engaged with. However, we have been unable to endure the prolonged period without capital. Despite this setback, we have a fully deployed product and developer documentation that allows other projects to consume our protocol.

We are grateful to you, our early supporters, for your belief in our vision. We are disheartened that we have not been able to deliver a financial return on the risk you took.

The irony is that the protocol developed to promote blockchain technology and increase the legitimacy of on-chain transactions in an effort to support regulation has been undermined by an exchange claiming to support the industry, but instead engaging in the misappropriation of funds from innovators like ourselves.

For months, we’ve been accused of being a rugpull; for being discriminated against for not having more listings, or liquidity in the DEX pair; for not having any updates; for stealing investors' money. I hope it all now makes sense.

And now you know — it was stolen by Huobi / HTX. So next time you want to invest in a project with any association to them, please consider your options.

We would like to extend our sincere gratitude to our team for their unwavering dedication and countless months of unpaid work in pursuit of our shared dream. We have undoubtedly learned many valuable lessons throughout this journey.

While we will continue to maintain our protocol, our time and resources have been exhausted. Thank you for your support and understanding during this challenging period.