Dispute Between PancakeSwap and ESPL Over IFO Conducted by ESPL ARENA

02/20/2023 02:10 • Crypto & Markets • 101 views

On February 20, the decentralized trading platform PancakeSwap and the Singapore E-sports club Esports Players League (ESPL) had a dispute over the IF0 conducted by ESPL’s Web3 E-sports platform ESPL ARENA in January. PancakeSwap said on Twitter on February 18 that it would give full refunds to IFO participants based on the dollar value of the funds raised by ESPL ARENA IFO, including the previous 10% air drop; The reason is that the ESPL ARENA team has sold the ARENA token they agreed not to sell, obviously ignoring their own projects and users who support it. PancakeSwap said that its due diligence on the team was insufficient and that it would take measures to improve the due diligence process.

PancakeSwap and ESPL, the E-sports club, have a dispute over “ESPL ARENA” IF0

Interpretation of the news:

The decentralized trading platform, PancakeSwap, and the Singapore E-sports club, Esports Players League (ESPL), had a dispute over the Initial Farm Offering (IFO) conducted by ESPL’s Web3 E-sports platform, ESPL ARENA, in January. PancakeSwap announced on Twitter on February 18th that it would refund full value for the IFO participants, including the previous 10% air drop, as the ESPL ARENA team sold the ARENA token they had agreed not to sell, disregarding their project and users. PancakeSwap also admitted that their due diligence on the ESPL team was insufficient and that they would take measures to improve the process.

The dispute highlights the importance of conducting proper due diligence before investing in any cryptocurrency project. Investors must consider the authenticity of the team, the market demand for the token, and the potential risks involved before investing their money. In the case of IFOs, due diligence is important to verify the project’s legitimacy and its team’s intentions.

The conflict between PancakeSwap and ESPL also highlights the importance of protecting the interests of investors. Investing in cryptocurrency is highly volatile and risky. Hence, investors expect the company and platform to protect their interests, which includes ensuring that the funds raised are being utilized for the project and not simply sold off by the team. PancakeSwap’s decision to refund the IFO participants reflects the company’s commitment to their investors’ interests.

In conclusion, the dispute between PancakeSwap and ESPL highlights the importance of conducting due diligence before investing in cryptocurrency projects. While PancakeSwap’s decision to refund the IFO participants protects their interests, it also exposes the company’s insufficient due diligence process in the past. Moving forward, PancakeSwap and other platforms must take necessary measures to improve their due diligence process and protect their investors’ interests.

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Dispute Between PancakeSwap and ESPL Over IFO Conducted by ESPL ARENA

PancakeSwap and ESPL, the E-sports club, have a dispute over “ESPL ARENA” IF0

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