Confusion reigns over new COSM coins

The addition of a token tracking function at Klaytn’s monitoring program Scope raised doubts over the amount of Cosmo coins issued from the platform’s BApp. Cosmo acquired Klaytn’s new BApp project called Spin Protocol, which led to the issue of a new token dubbed (NEW) COSM on June 29. Cosmo announced the acquisition of the Spin Protocol on Xangle, an online disclosure site for the cryptocurrency community, on June 29, teasing the release of the new token. According to the disclosure, the entire amount of new coins issued total 1,688,991,259. The coin was given to the existing Cosmo coin users with a ratio of 1:1 and for Spin coin investors with a ratio of 1:0.122704918. The number of old Cosmo coins issued amount to 1.098 billion and the Spin coin 1.75 billion. With the new deal, the old Cosmo token is supposed to be converted into 1.98 billion new COSM coins, while the Spin will be turned into 131.09 million new cons. In total, there should be around 1.23 billion new coins. Still, the amount of new coins actually issued number 1,688,991,259, which brings questions into source for the excess of 400 million coins. This is where the investors started raising doubts. Even if the operator intends to increase the issuance, the extra figure should be around 110 million, lower than the 400 million. As Klaytn, run by Kakao affiliate GroundX, added the token-tracking function to its monitoring program Scope, doubts have intensified. The number of old Cosmo coins compiled by Etherscan, a token information website, stands at 1.098 billion whereas the number by Scope is shown at 1,557,496,902, generating the difference of 460 million. Against this backdrop, the investors tracked the exact number only to find that nearly 500 million of the old Cosmo coins have been traded to an individual’s account at a local cryptocurrency exchange. As for the issue, Song Ho-won, CEO of Cosmochain, said that the number confirmed on Klaytn’s Scope is correct adding the old Cosmo coin’s amount at 1.557 billion. The rest of the 349 billion coins with vague sources were used for the unit’s business marketing, investment and partnership. But investors didn’t buy the explanation because the extra coins were sent to an individual’s account and then sold off. In the meantime, JoinD asked for comments from CEO Song. He said that the company “is in the process of adjusting opinions among affiliates and partnered companies [in regards to the issue],” adding that he will notify us once a decision is made.

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