The recent crash of TICS, the cryptocurrency behind the blockchain protocol Qubetics, has sent shockwaves through the crypto community. The project suffered a major setback after technical issues marred its airdrop launch, causing the token to plummet by 97%.
According to a statement released by the Qubetics team, the botched airdrop was attributed to critical errors in the vesting contract that were discovered during the live launch. The team, however, distanced themselves from direct responsibility, placing the blame on an outsourced development team named Antier, which was responsible for handling the vesting contracts.
“We would like to stress that this issue was not in the core team’s control, but instead, we relied upon the outsourced team with all the assurances that had been provided within our due diligence,” the statement read.
Despite the setback, the team assured users that a full report on the issue would be provided and that all eligible wallets would receive their full allocation of tokens. Additionally, Qubetics reaffirmed its commitment to its roadmap, which aims to build a layer-1 network aggregating the Web3 ecosystem, including major platforms like Bitcoin, Ethereum, and Solana.
The airdrop was initially intended to unlock and distribute 10% of the tokens immediately, with the remaining 90% to be unlocked over the following 90 days at a rate of 1% per day. Following the launch, the token experienced a surge of 950%, reaching a peak of $2.16. However, technical issues soon surfaced, with many users reporting receiving significantly less than their allocated amount. The 1% daily vesting schedule also contributed to heavy selling pressure, accelerating the token’s downfall.
The crash of TICS serves as a stark reminder of the importance of technical competence and oversight in high-tech blockchain projects. As Qubetics works to address the aftermath of the airdrop debacle, the crypto community will be closely monitoring the project’s progress and future developments.