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Struggling cryptocurrency platform, JPEX, has advanced its plan to evolve into a decentralized autonomous organization (DAO) and transform user assets into dividend shares, encouraging users to hold them for a minimum of two years.
On October 4, JPEX made public the completion of the DAO shareholder dividend program's voting process on September 28, revealing that 68% of its users supported the plan.
This plan facilitates users to change their currently inaccessible assets into DAO Stakeholder dividends at an equal ratio. If users opt for this, JPEX proposes a buyback option of 30% of the original conversion price after 12 months and a full buyback after 24 months. In a prior update, JPEX mentioned that participants in this plan would get dividends via a fresh token launch, transaction charges, and a dispersion of JPEX Coin (JPC), which is JPEX's primary token, correlating with the shareholder dividends.
The program appears to motivate users to retain their investments in the struggling platform, currently grappling with cash flow challenges.
A user of JPEX, speaking anonymously to the South China Morning Post on October 4, voiced concerns over her assets being transformed without her explicit consent or prior notice. She detailed that subsequent to JPEX's declaration of the plan, she and several others discovered they couldn't retrieve their investments. Her assets, she noted, were switched to JPC, a token with limited liquidity and fewer applications. She highlighted, "Considering the uncertain valuation and inability to withdraw, our investments are now equivalent to worthless paper."
It remains unclear whether the individuals cited in the report endorsed the initiative, yet certain JPEX users have indicated to the SCMP that they felt compelled to embrace the initiative due to the absence of a negative voting option on the platform's application.
JPEX remained silent and didn't comment when approached by Cointelegraph.
This development with JPEX unfolds as local authorities in Hong Kong apprehend several individuals linked to the platform, accusing it of running an unlicensed crypto operation. According to Hong Kong police, this Dubai-rooted exchange allegedly swindled roughly 2,300 individuals out of 1.4 billion Hong Kong dollars, equivalent to $178 million.
On October 4, officials from the area introduced a specialized task force to curb unlawful undertakings by digital currency platforms.
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