Cryptocurrency

JPEX

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<div class="cryptonews">
 <p class="is-style-lead">Cryptocurrency exchange JPEX has unveiled a plan that is expected to transform the platform into a decentralized autonomous organization (DAO) and convert user <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> into dividend shares with a two-year <a rel="noopener noreferrer nofollow" title="freeze" href="https://thebittimes.com/tag/freeze.html">freeze</a>.</p>
 <p>The company’s blog states that voting for the “DAO Shareholder Dividend Scheme” was completed on Sep. 28. The JPEX team claims that 68% of users supported the scheme.</p>
 <p>This plan offers users a chance to turn their locked-up <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> into DAO dividends, giving them a 1:1 exchange rate. Additionally, after one year, users can choose to sell back their converted <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> at 30% of the initial conversion price, or they can opt for a full 100% buyback after two <a rel="noopener noreferrer nofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a>.</p>
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 <p>Furthermore, before this, the JPEX team promised that users who participate in this plan would receive dividends in the form of new tokens and trading fees. Additionally, they would get a share of JPEX Coin (JPC), the exchange’s own token, based on the dividends they receive.</p>
 <p>JPEX’s plan aims to encourage users to keep their <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> on the exchange, even though it faces liquidity challenges. However, some reports suggest that <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> were converted without users’ permission or any prior notification. One user even mentioned that their <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> were changed into JPC, a token with limited liquidity and utility.</p>
 <blockquote class="wp-block-quote">
  <p>“All of my [Tether] USDT and other cryptocurrencies are gone.”</p> <cite>JPEX user</cite>
 </blockquote>
 <p>The new plan to revive the exchange comes shortly after Hong Kong police arrested several people for connections to the platform. The regional securities regulator accused the company of using an&nbsp;unauthorized crypto platform.</p>
 <p>Law enforcement officials say the Dubai-based exchange stole $178 million (HK$1.4 billion) from at least 2,300 people.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpex-to-become-dao-to-freeze-assets-for-2-years-tbt65198.html">https://thebittimes.com/jpex-to-become-dao-to-freeze-assets-for-2-years-tbt65198.html</a></p>

JPEX to become DAO, to freeze assets for 2 years

TheBitTimes

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