Tokenholder Update August 2020

Token Swap Closing

Tokenholder Update August 2020

Token Swap Closing

Dear Tokenholder,

As announced on 12 June, at the end of this week the official token swap period will close, and after 21 August you will no longer be able to register for the Token Swap in the Token Swap App.

Specifically, if you want to exchange your MOD tokens for participation certificates, you must complete the onboarding process until Friday, 21 August 2020. After this date, you will only be able to access your dashboard and send your MOD tokens to your personal burn address. Make sure that all your personal data is correct, as you will not be able to change it after 21 August.

For those of you who for some reason cannot complete this process until Friday, e.g. cannot get an IBAN, or do not have a federal issued ID document, you have the possibility to ask for compensation for your MOD token. Compensation will be offered at the same rate as the monetary compensation offered during the Token Swap period. This option will be available for 10 years following the announcement of the unilateral termination of all rights attached to the MOD token, and compensation claims will be accepted starting in Q4 of this year. The exact process for this will be announced in Q4.

MOD tokens held up at IQfinex

Should your MOD tokens still be held up at IQfinex, we ask you to submit a service desk request including any proof of ownership you have. Additionally, mention all known wallet addresses of IQfinex – so we can make sure we block all of them. We will elaborate then with our lawyers, whether we can help impacted MOD tokenholders. We are blocking any MOD tokens incoming from IQfinex from the swap for the moment (MOD tokens coming from IQfinex are not burned).

So far, roughly 1000 users have sent their MOD tokens to their personal burn address, burning almost 10 million tokens – almost half of all MODs in circulation!

We wish you a good week!

Kind regards

Modum Team