JuCoin platform token $JU IEO oversubscribed by 168 million USDT, with refunds not issued and "temporary price increase" causing community controversy
ChainCatcher news, the first Launchpad project of the trading platform JuCoin, as well as its platform token $JU IEO, has ended, with a total fundraising amount reaching 168,967,843.8964668 USDT. Compared to the original target of 630,000 USDT, this is an oversubscription of approximately 268 times, with a total of 24,354 participants.This significant oversubscription has sparked controversy among participating users. After the new token offering ended, JuCoin did not refund the oversubscribed funds but instead announced that a community vote would be held. The oversubscribed funds will be subscribed at a price of 26.8 USDT, rather than the original IEO price of 0.1 USDT. Many participating users are demanding refunds, and JuCoin has not yet provided further responses.