Qubetics (TICS) Cryptocurrency Price Drops 97% Amid Airdrop Issues

The cryptocurrency Qubetics (TICS) experienced a dramatic price decline of 97% following a problematic airdrop launch. The Qubetics team attributed the issues to external developers and assured users that they are dedicated to solving the problems and fulfilling their roadmap.

Key Takeaways

Qubetics (TICS) lost 97% of its value due to an unsuccessful airdrop.
The team blamed an external development group for the issues with the vesting contract.
A full report on the situation is promised, and all eligible wallets will receive their token allocations.
Qubetics aims to continue its plan to develop a layer-1 network for the Web3 ecosystem.

Qubetics crypto price collapses 97% amid airdrop turmoil

Understanding Qubetics' Airdrop Crisis

The price of Qubetics (TICS), which operates on a blockchain protocol, dropped sharply after facing a host of technical issues during its airdrop launch. High-profile blockchain initiatives depend heavily on the trust placed in their technical teams. On July 31, the Qubetics team spoke out about the failed airdrop, which led to a staggering 97% drop in the token's value.

In their statement, the Qubetics team acknowledged that there were "critical errors" in the vesting contract during the airdrop. However, they distanced themselves from the blame, pointing fingers at an outside development team named Antier, which had been responsible for the vesting contracts.

“We want to emphasize that this issue was not under the core team’s control; we relied on the outsourced team, who had provided assurances during our due diligence,” the Qubetics statement explained.

In response to the crisis, the team committed to releasing a detailed report on the matter. They also reassured stakeholders that all eligible wallets will receive their full token allocation. The team reiterated its dedication to its plan to develop a layer-1 network that integrates the Web3 ecosystem, featuring major cryptocurrencies such as Bitcoin, Ethereum, and Solana.

Initially, on July 30, the Qubetics team intended to unlock and distribute 10% of the tokens immediately, with the additional 90% to be released over the following 90 days at a rate of 1% each day. Although the token price initially soared by 950% to reach a peak of $2.16, complications soon arose.

Numerous users began reporting that they received far less than the promised 10% of their allocation, a discrepancy that was later confirmed by the Qubetics team. Observers noted that the 1% daily vesting schedule added to the mounting selling pressure, which ultimately led to the rapid decline of the token's price.