What went wrong with the BTT token sale?

28 Jan, 2019 | Updated: 28 Jan, 2019
by Joeri Cant
ICOs
What went wrong with the BTT token sale?

The highly anticipated ICO for the new BitTorrent crypto token, BTT, was completed today, but it has started a whole new discussion on what went wrong, and why so many investors who tried to place orders, weren't able to do so.

Binance organized the token sale through its new fundraising platform, Binance Launchpad. Investors could trade either Binance Coin or Tron for BTT, the new TRC-10 token that was created for the BitTorrent eco-system as part of BitTorrent's partnership with Tron.

Read more: What does the launch of BitTorrent's BTT mean for TRON?

Binance Launchpad completed the sale of the BitTorrent tokens in less than 20 minutes, and succeeded in raising around $7 million, which can be considered to be a massive success in the current crypto universe.

Investors left outside in the cold.

However, very quickly, it became painfully clear that many investors were left outside in the cold. Due to the so-called 'astronomical' demand, and technical issues with the Binance Launchpad system, many users were unable to access the platform, which apparently was suffering from an ongoing crash, and were therefor unsuccessful in obtaining any BitTorrent tokens.

Read more: BitTorrent Token Sale accepts BNB and TRX; BTT price set

The outcry on Twitter came as no surprise.

Many of those who were hopeful to become BTT owners, but weren't, picked up on the fact that apparently only just over 900 people were able to actually obtain BTT, causing many to call out Justin Sun, the ICO and even Binance as a full on scam.

One Twitter user came up with a new catchy name, saying that Binance 'CRASHPAD' totally messed up.

The hundreds of negative comments on Twitter didn't go by unnoticed.

Sun reached out in a tweet to Binance CEO Changpeng Zhao, asking if it would be possible to organize a free BTT airdrop for those who tried to place orders, but were unsuccessful in doing so.

Read more: BitTorrent (BTT) ICO raises $7 million in under 20 minutes

'CZ' quickly responded by saying that Tron had agreed to organize a small airdrop in order to make up for the bottleneck issues and the overload experience for some users, while apologizing to those who had a bad experience during the BitTorrent token sale.

What will happen next?

It remains to be seen if people will be satisfied with this 'generous peace offering' from Justin Sun and 'CZ'.

It is still unclear what exactly went wrong at this point. Binance sticks to them having technical issues and a user overload, while many investors continue to take to Twitter to share their grievances and accuse both Justin Sun and 'CZ' of running a scam ICO, and allowing the whales to have bought the bulk of BTT.

For now most are requesting a ICO RE-DO, pointing to the unfairness that took place today and to the fact that an airdrop won't make up for this poor performance by both Justin Sun and Binance.

Do you think this was a scam? Let us know in the poll below.

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