Unfortunate events on Penguin Karts!
“If you are one of the investors who invested in PGK with Paragen please open a ticket on penguin karts Discord and provide them with your whitelisted wallet so they can deliver your PGK that you purchased. The claiming solution will be conducted via their own native portal” .
Penguin karts was one of our recent IGO projects which launched on paragen as well as several other launchpads.
After the successful launch of the IGO, we had created the vesting contract being the first one in line with the vesting details, with the exception of the cliff as well as the linear vesting was not outlined to be daily so we proceeded with monthly.
This did not change the effect of the tokenomics with the exception of premature release due to no cliff. The penguin karts team had the chance to review the contract for vesting prior to us opening the pool.
Only a small fraction of tokens were released which equated to approximately 83,239 which at the current price is $5,000. This had a minimal impact on the price. At the time has approximately 2.5% drop in price. Not all tokens were claimed or sold.
Once the mistake was spotted by penguin karts team, we immediately rectified the issue and re-adjusted the vesting contract to ensure it is inline with their demand. We also put a delay on the early tokens that were prematurely unvested so that they don't receive tokens until the correct timestamp. This resolved the issue however the Penguin karts team began to act unprofessional by demanding more.
At this stage, the penguin karts team began to verbally bash the paragen team as well as rudely demand we purchase double the amount intended (10k worth of tokens). We rejected this as there was no contract to outline we must repurchase tokens. The issue was resolved from our end, however they continue to verbally demand we purchase tokens. We did not accept this and found it truly unacceptable. After a week, penguin karts have decided to freeze our distribution wallet although the issue was fixed. This is a breach of our Service agreement signed with them and as such we are in discussion with our legal team to discuss our actions to pursue legal action against Tommy Dahlberg, the CEO of penguin karts.
We deem this unprofessional by the penguin karts team, as they violated the service agreement signed by both parties. Although our community has not been harmed by this and the claiming will be done on their platform, we needed to clarify the matter and be transparent with our community.
Moving forward we will not be releasing full funds to projects and as such will only release funds as per vesting schedule monthly to ensure projects as such cannot harm our community moving forward.
Therefore, moving forward, all projects with restrictors or blacklist functions in their contracts, will only receive funds as per vesting releases monthly to ensure our community is not affected.