CoinJie News Report:
WELL3, originally scheduled to launch in the first quarter, finally announced its listing on Bybit, Bitget, and Gate.io yesterday at 18:00. For the “airdrop enthusiasts,” despite the suboptimal timing and the failure to list on Binance as expected, there was still hope to recoup some of their airdrop investment. Thus, there was a hint of anticipation when preparing to claim tokens at 17:30 yesterday.
However, an unexpected delay occurred: while the secondary market’s opening time remained unchanged, token claiming was postponed from the originally scheduled 17:30 to 17:45, then further delayed to 20:00, ultimately resulting in unsuccessful claims.
This delay sparked widespread dissatisfaction among “airdrop enthusiasts” on social media:
“The WELL3 airdrop that was hyped across the internet ended up with nothing after all the tasks. The team ran off first.”
“The WELL3 airdrop has been rated as the most unethical airdrop in history. The official account said token claiming would open at 8:00, but before it opened, token WELL had already dropped over 60% on CEX. Who’s dumping?”
“At 8:00, claiming opened, but when you checked the website at the time, it wasn’t open at all. What was open was the public sale, which required buying! What’s even more ridiculous is that someone found out that buying $200 worth of coins would require 24 months to unlock! Each claim also requires $18 in Gas!”
“Before 8:00, WELL tokens had only 10 holders, most of whom were hot wallets from exchanges and market makers. Who’s really dumping, leaders?”
With the launch of WELL tokens, both YogaPetz NFT holders and participants in the public sale are at a loss if calculated at token reception prices. Moreover, received tokens are not fully unlocked upon listing, with some tokens requiring a 2-year unlocking period, adding insult to injury in terms of opportunity cost.
Project Overview
WELL3 is an innovative Web3 health platform founded by crypto KOL “Keungz,” aiming to revolutionize health data management. By integrating decentralized physical infrastructure network (DePIN), decentralized identities (DID), advanced AI analytics, and other cutting-edge technologies, WELL3 provides a unique health and wellness solution. The platform ensures the security and privacy of health data while incentivizing user engagement.
Regarding funding, WELL3 has garnered support from numerous strategic partners including Animoca Brands, Samsung, AWS, Distributed Capital, Spartan, and others.
In terms of platform data, WELL3 has attracted 900,000 users and 530,000 unique wallet addresses. The platform has facilitated 17 million transactions, with a total locked value of $55 million. Additionally, over 324,000 users hold NFTs within the WELL3 ecosystem.
During its early stages, WELL3 garnered significant attention with a strong user base and the integration of the “health + AI” concept. What caused this reversal?
The “bizarre incidents” before and after the WELL token listing
According to earlier official announcements, the WELL token was scheduled to debut on Bybit, Bitget, and Gate.io at 18:00 yesterday, with token claiming available for public sale participants and NFT holders at 17:30. However, subsequent official actions were considered unusual within the cryptocurrency community.
Firstly, two days ago in the afternoon, Discord issued an announcement stating that token claiming would be delayed until 17:45. This was tolerable for community members, considering it was still before the exchange’s opening time, albeit cutting it close by 15 minutes.
Secondly, at 17:42, WELL3 didn’t mention that token claiming was imminent but instead released a lengthy article outlining WELL token’s future plans. Shortly after, at 17:45, community members used the provided official page, refreshing continuously, yet found no entry point for claiming tokens. This led to numerous queries from members under the tweet on how to claim tokens, to which the officials did not respond to any messages.
Later, at 18:00, when the secondary market opened, with no one in the entire community having claimed tokens, WELL prices soared to nearly $0.023 before plummeting all the way down, experiencing a short-term drop of over 60%, with millions of coins changing hands in the secondary market.
Response to the controversy over token claiming
Due to the widespread grievances on social media about the unclaimed tokens and the subsequent massive sell-offs, community members asked: why did a large-scale dumping occur when no one claimed tokens?
In response, WELL3 founder Keungz posted on the X platform, stating, “We deeply apologize for the delay in today’s claiming site. As for the circulating ‘sell order of 6 million tokens at $80 each,’ it is not true. If calculated at this price, WELL’s market value would surpass the entire cryptocurrency market.”
Although the 6 million token sell order at $80 is likely just an exchange data order, not the actual token amount, Keungz failed to explain the continuous token decline without claims at the opening, causing community anger to soar, with some members even exposing the founder’s company location and other information.
Whether it’s secondary acceptance or participation in public offerings, or holding YogaPetz NFTs for retail investors, collectively buried, “this wave is really a loss.”
Event Progress Update
On the evening of July 5th, WELL3 posted on the X platform that the technical issues delaying token claiming had been resolved. Some holders did not receive the correct percentage on the claiming site, but this issue has been rectified, and the site now accurately reflects the correct percentage allocation. Investigations revealed that trading volume amounted to approximately $2 million before the token claiming period began.
WELL3 also noted the circulation of an unverified tweet containing screenshots regarding high-priced transactions, clarifying that the related information is inaccurate.
Users claiming tokens on well.eco between July 3rd and July 9th will receive a 100% refund of their initial gas fees directly to their wallets; no further action is required.
To effectively address these issues in the future, the WELL3 team will expand comprehensive technical support and implement enhanced monitoring systems to promptly detect and resolve any potential problems.
