ERC20 WanCoins purchased on EtherDelta WANCHAIN Team refused to Swap.
Do you think this is a legitimate behavior?
This is why is not:
When someone receives his ERC20 tokens they are in his possesion and he should do with them whatever he wants. This is the case with all other ICOs. A lot of ICOs are traded on ED before realeased on main exchanges- Wanchain Team say that it was clear in the white paper. It is not. It is only written:"When the Wanchain project goes live, participants can exchange their ERC-20 tokens in a 1:1 ratio for Wancoins." Any lawyer could tell you that it does not exclude people who bought it on ED not being able to have Wancoins, as it was the case for other cryptos swapping later from ERC-20 to proper coins. This never happened on the crypto sphere. A ERC20 token that was unlocked could always be put on trade. They did not assume their responsability. The token on ED was the right one. Right address. This is why they are recognised on your wallet. They did not want their ico participant to trade the token before the release of Wancoins, but they did not locked their token either, so that they were perfectly tradeable. This is crypto, this is decentralization ! Their ICO participant accepted their terms and conditions (note that the t&c are not even clear about this), but not you.
This was their mistake. They say now that it was to allow their participant to move wallet, for security reasons. That is not true. There would have been no problem with locked token. A shame that no body in the crypto sphere; like Vitalik, did not even react. They don't care about people loosing their money to make them richer.
Wanchain posted video (arrogant and saying it was buyers's fault) and messages two month after the ICO saying it was because of the american authority (that means that at first they probably thought there could be a swap for non whitelisted buyers on ED). Well most ICO exclude US citizens for these reasons. Now they maybe will complete US laws, but they will also complete European laws? Does Wanchain comply other countries legislation by no swapping their tokens? If they did not want the tokens to be traded they should have locked them, that's all. Etherdelta can't be blame if the token weren't locked. The trade address is still reachable. The token on ED are not false tokens at all.
Do you think it is fair that maybe the guy that sold the token on ED was an ICO participant, who sold at hight price, took the money, bought again at low price when Wanchain released their video on non accepting the ED token, and now, Wanchain will swap his token for Wancoins but not yours?
You have legally exactly the same rights as any token holder to receive Wancoins. Or at the minimum, you should receive eth amount for the price a token sold at ICO.
They are not even able to lock their token and they want to build a cross chain !
Are we ready for a Class Action?
