*April 7, 2021 Update: All IEO participants have been refunded.
Following consultation between the Olyseum and ProBit teams, we have taken the joint decision to formally cancel the OLY Initial Exchange Offering (IEO). All OLY IEO purchases on ProBit Exchange will be refunded to your wallets within the next 48 hours.
The IEO transfer of tokens and funds has not been executed yet. As such, a cancellation represents the most seamless and sensible resolution to recent issues caused by a predetermined change in the circulating supply of OLY tokens.
The plan to distribute OLY tokens to pre-sale buyers on March 30th, 2021 had been signaled well in advance publicly — as outlined in the Olyseum economic paper — and was also highlighted in official Olyseum communications.
However, the timing of the IEO ultimately aligned too closely with the scheduled end of the lock-up period for OLY pre-sale participants. Out of respect and consideration for those who participated in the IEO and have been impacted by the scheduled change in circulating supply, we feel it is appropriate to cancel the IEO and undo all IEO purchases on ProBit Exchange.
This decision has been made for the good of our community, and not due to any legal obligation. As the IEO had yet to be completed before the circulating supply came to the market, we feel it is appropriate to cancel the IEO.
Thank you for your understanding.