Explanation of what was happening with REEF

semalam

REEFUSDT.P Ahh so what happened behind the scene was this (I posted the original link in the "Minds" section).
In short, there was a misunderstanding with Paribu (a Turkish exchange located in Istanbul).

In the early years of 2021, REEFUSDT was available on the [Ethereum chain] and BNB chain aka the [BSC], in the dev's knowledge, Paribu has only served deposit & withdrawal of REEF in the ETH, while the BSC support was added in 2024.

Three years have passed from 2021 to 2024, Paribu stated that they integrated [Reef chain] into their platform, but no evidence has been provided for this, and Paribu hasn't opened deposits or withdrawals for REEF on the [Reef Chain].

The dev suggests that Paribu should make an announcement to their user so they should send their REEF to a specific [BSC] wallet via Paribu's API, later they will get a same amount of REEF but in [Reef chain] instead of [BSC].

All REEF deposited in this way on the [BSC] would be burnt periodically to reduce the supply on [BSC] permanently, while the new REEF on [Reef Chain] will be minted afterwards so the supply will be the same.

But Paribu made a company decision not to provide an API for this migration, that's why the public assumed that the total supply expanded because the dev minted new REEF token on the [Reef chain] and a major sell off happened because they didn't know the technical story of this exact matter.

In reality, it was Paribu's decision who make things complicated by not providing API support for the migration, therefore the system can't identify whose REEF token belongs to which wallet address (in this chain migration context).

As of Oct 15, 2024 the dev worked together with Via Labs to make a bridge for this transition purpose.

We will see how this story unfolds after Via Labs completed the new bridge... 🥰