If you haven't been following KOIN, there is one particular team that has been dominating the hashing. Known only by address "292", the first 3 digits in their Ethereum wallet address until now.
Around a week ago the KOIN team sound the alarm that GPU mining has been found and they are working on a GPU miner themselves. During this time they brought up the very real possibility of a "reset". This was a warning sign to many users and caused a lot of dumping of KOIN. I did myself and luckily I did it early enough to be at the peak. But it is still early, no one knows where this will go.
A message on discord was just left by Poo Bear stating they have stopped mining and they will hold their 1M KOIN.
They hold an exact 1,000,000 coins as the top miner at 11.7% of the current supply. I suspect they have many other addresses as well.
In their message they state they have 1M coins and they are a team. They declare they are the 1%, this references the 100M Max Supply of the ERC20 token phase. In reality though, there may never be 100M KOIN from this phase, there could be less.
They also released some screenshots of their mining and costs. They paid almost nothing for their mining to acquire 14K USD of KOIN. Although the current price is considerably lower (just under half) than before the GPU scare.
These images were included in Pooh's statement with a final message "Now we wait for Koin team" and signature proof.
To be honest, this has a big impact on how I feel about things. While I am not entirely thrilled how the mining this gives me a very different impression of the situation.
