OmiseGO team comments on 837,500 tokens transferred to exchanges

Three days back, a reddit user spotted more than $5M worth of OMG tokens being transferred to cryptocurrency exchanges by OmiseGO key contributors. This obviously did not go well with the community as it looked like the contributors were preparing for the market to fall further. OmiseGO team came out today and addressed the issue even though the movement of those OMG tokens does not belong to them.

It is totally upto token holders/investors/advisors to move their tokens between addresses, spend or trade them. They reiterated the fact that the tokens reserved by OmiseGO team for staking have not been touched and are still 100 percent destined for staking. These OMG are locked through a smart contract function and may not be transferred to team members or early contributors for a period of 1 year from the expiry of the Creation Period.

With OMG trading at a year low, Key Contributors moved over $5mm (at the time) in tokens to the Binance, Bittrex and other exchanges.

Also, because the advisers are not part of “the team”, the team now refers to the leadership which is Jun, Vansa, Donny etc. Also OmiseGo have repeatedly stated “the team” are going to be staking their 30million tokens or however many it is they own.

They added that they are working on the eWallet SDK and delivering scalable, decentralized financial tools to the world.