The cryptocurrency project Billions is facing significant community backlash after abruptly altering its token unlock conditions just days before its Token Generation Event (TGE). The project originally promised community sale participants immediate token unlocks, a key selling point that attracted investors. However, the team announced a sudden shift to a lock-up-based structure, forcing participants to choose between a full refund or delayed token access with bonuses.
The launchpad platform Kaito, which managed the sale, presented three options: a full refund, receiving the original amount plus a 25% bonus with a six-month lock-up, or the original amount plus a 50% bonus with a 12-month lock-up. Many participants view these as insufficient compensation, as the core issue remains the broken promise of immediate liquidity.
The Billions Foundation explained that the initial 5.6% unlock structure was a major hurdle to securing listings on major cryptocurrency exchanges. Kaito CEO Yu Hu stated on X that the lock-up was unavoidable for securing these listings. This explanation has done little to calm the community, which sees the change as a unilateral breach of contract.
The community’s strong criticism includes complaints about the unilateral decision, broken trust, and inadequate compensation. In response, the Billions Foundation announced a structured refund process starting on May 19, providing a clear path for participants who wish to exit. However, this does not address the concerns of those who still want to participate but feel trapped between accepting a lock-up or leaving the project entirely.
This incident highlights a growing trend in the crypto space, where projects face pressures from exchange listing requirements that clash with investor expectations. It could set a precedent, potentially leading to more widespread distrust in token generation events and increased regulatory scrutiny.
