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[Bnote] Coin investors, between suspicion and truth

[Sonya’s B Note] Hintchain, a blockchain company for food consumer data, has recently been under a cloud of suspicion regarding its total circulation. Some users of the crypto in Korea raised the issue, and Hintchain responded. #Question about Hintchain’s circulation It all started with a post to an online cryptocurrency community. On July 8, a post titled “Hintchain, a kimchi coin preparing to take off with money” was uploaded to the community website. According to the writer, an investigation into 39,530,000 Hints revealed that the amount came from the company foundation’s wallet, and that Hintchain was preparing to take off with the coins. On the same day, another person shared publicly that tens of millions of coins are inside the pocket of Coinone, a cryptocurrency exchange, and if combined with staking quantity, the amount is twice the value of Hintchain’s official circulation quantity. Both posts have been taken down from the online community. Hintchain is no longer publicly disclosing its true circulation figures, which the company used to provide every month, prompting coin investors to raise questions. Hintchain announced in March that it is stopping the service after signing a temporary nondisclosure agreement (NDA) with corporations as part of a partnership contract. According to Hintchain, the NDA lasts temporarily until a specific point that was negotiated, and it will again post the information on a monthly basis. “The monthly announcement was only a component of the strategic NDA, and hence the information on circulation and issue amount is available on Klaytnscope at all times,” said Hintchain CEO Chung Ji-woong in an interview with Join:D. “The time frame of the NDA is slated to be first notified to the community, so it is difficult for us to disclose it via the press right now.” #Project’s dilemma -- “Partner hesitates disclosure, but holders want to know.” Chung explains that partner companies demand the NDA for strategic reasons, asking for holders to understand their decision not to disclose the circulation amount for a while. Currently, users can check their transfer record and deposit per wallet on Klaytnscope. Chung also clarified the argument that Coinone already owns tens of millions of coins. “Through initial coin offering (ICO), half of the 100 million coins were distributed to the investors, many of whom are corporate investors. Since custody services for the corporations are rare, some investors have deposited their share of Hint Tokens in the account that is co-managed under the corporate ownership. Regarding the corporate account, we have previously asked for Coinone’s understanding.” The current situation makes it difficult for regular holders to verify how many Hint Tokens are in circulation. When the coins distributed to initial investors via an ICO early this year will be unlocked is not public knowledge either. Hintchain’s stance on this controversy is that it will share information through platforms, such as Xangle, Klaytonscope and cryptocurrency exchanges. “We have been exchanging information with Xangle, such as community announcements and marketing activities,” Chung said. “By closely working with them, we are making the circulation information available.”

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