HPB Foundation explains chronologically to answer questions and clarify confusion regarding recent announcement on unlocking remaining tokens of private placement.
HPB White Paper V1.0 was released before ICO start date (Aug 23rd):
On September 4th, 2017, People's Bank of China issued the Announcement on Prevention of Financing Risks of Token Issuance.
To comply with Chinese government’s announcement, on November 30th 2017, HPB Foundation made the following announcement on the website regarding refunding 21.6% of the total tokens:
Note: The refunded 21.6% of total tokens remain locked, of which 3.6% was allocated to marketing initiatives and 18% stayed as ICO refunded tokens.
On December 7th, HPB Foundation released the updated token allocation on the website: https://hpb.kf5.com/hc/kb/article/1104980/
Below is the explanation of updated token allocation:
32% crowdfunding participants changed to 10% crowdfunding participants, 18% ICO refunded tokens, and 4% ICO remaining tokens (Shown in RED)
The private placement includes 10% crowdfunding participants and 14% early investors, which equals 24% of total tokens = 24 million tokens.
On April 2nd, HPB Foundation will release the remaining 50% of private placement, which equals 12% of total tokens = 12 million tokens.
After the token distribution on April 2nd, the circulation supply will be 28% of total tokens = 28million tokens.
The remaining 72% of total tokens includes: 20% Founding team & Cornerstone investors, 18% ICO refunded tokens, 18% Community incentive, 12% Reserve Fund and 4% Marketing initiatives.
- 20% Founding team & Cornerstone investors will remain locked till October 2018.
We are sorry to see that FUD is spreading in the community. We hope these explanations will help people to understand HPB token allocations. In mid April, HPB Foundation will announce ETH wallet addresses and Etherscan links for public supervision. Thank you.
March 28, 2018