Qubetics TICS Token Plummets 97% Following Failed Airdrop
A significant drop in the TICS token has impacted confidence in Qubetics, a blockchain project aimed at uniting Bitcoin, Ethereum, and Solana networks. The token fell 97% following a failed airdrop on July 30-31.
Token Collapse Details
- A “critical error” in the vesting contract occurred during the live airdrop.
- The initial plan was to unlock 10% of tokens immediately and release 90% over 90 days at 1% daily.
- TICS initially surged 950% to $2.16 but plummeted as users received only 1% instead of the expected 10% share.
- Panic selling led to a rapid decline in price back toward zero.
The initial 10% of your $TICS tokens has been successfully distributed...
Community Response
- Accusations emerged that presale investors bought tokens at $0.33 with promised gains.
- TICS opened trading at $0.19 on July 24 and dropped to $0.06 within a week.
- Some users alleged insider trading and called the team “scammers,” suggesting a potential “rug-pull.”
Qubetics' Commitment
In response, Qubetics pledged to issue a full report and ensure all eligible wallets receive their full allocation. They attributed the error to Antier, the firm responsible for smart contracts. The team remains committed to developing a layer-1 network that aggregates the Web3 ecosystem, including plans for cross-chain bridges and governance tools.