The INJS token project on the Layer1 public chain Injective was temporarily halted the day before yesterday due to issues with the use of funds. However, the official response was released via a tweet yesterday, stating that refunds are being gradually processed and the token minting will resume on the 21st.
(Foreground context:
Warning: Don’t mint INJ tokens! Official statement from the public chain: The project party dishonestly transferred the fees)
(Background supplement:
Multiple perspectives: A comparison of the Oasis, Injective, and Near public chains)
Injective, a Layer1 public chain focused on DeFi (Decentralized Finance), originally started the token minting for INJS on the 19th of this week. However, there was a sudden and unexpected warning from the official channel, stating “Do not mint INJS,” as the project party was dishonest and would transfer the minting fees to an unknown wallet.
Regarding this incident, Dapp.com reached out to Injective officials for clarification. They received a response yesterday, clarifying that the project party did not “transfer the fees” but rather set a “mint cost” for the token minting, which resulted in the fees being deposited into their wallet.
The project party later stated that all refunds would be completed within 24 hours and they planned to have a “free fair launch.”
INJS: The first batch of refunds has been completed.
Indeed, on the evening of the 20th at around 8:20 PM, INJS posted on X (formerly Twitter) that they had completed the first batch of refunds at block height 54,889,682. They will collect the second and final batch of refunds from block height 54,889,683 to 54,952,165 and will stop processing any further refund requests starting from block height 54,952,166.
INJS: Token minting will resume at 10 PM on the 21st.
At the same time, INJS officials added that the token minting for INJS will resume at 10 PM Taiwan time on the 21st.
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Tags:
Injective
INJS
Layer1
Token minting