Updated on 15 March 2023: Following the Stargate Finance team’s announcement to unwind the reissue of STG, Crypto.com will not proceed with the Stargate Finance (STG) contract swap on the Ethereum network (ERC-20).
The Stargate Finance team has shared that Stargate faces a significant threat to its POL and token holders because of potential security issues within Alameda Research (Alameda). As a result, Stargate will reissue STG on 15 March 2023 via a contract swap, so the current STG will no longer power Stargate.
Crypto.com will be supporting this contract swap and a snapshot of all user balances will be taken on 15 March 2023. New STG tokens will be sent to every user at a 1:1 ratio. Users will not have to do anything for this swap.
STG deposits and withdrawals in the Crypto.com App and Crypto.com Exchange will be suspended on 6 March 2023, 04:00 UTC. Trading of STG will not be affected.
Distribution Details for Crypto.com App Users
Crypto.com App users with STG balances in their Crypto Wallet, Earn, Spending Power, and Credit are eligible for the STG airdrop. Please note that pending transactions/open orders are excluded.
Distribution Details for Crypto.com Exchange Users
Crypto.com Exchange users with STG balances in their Spot, Margin, and Derivatives Wallet (excluding STG loans, if any) will be eligible for the airdrop. Please note that pending transactions/open orders are excluded. All loaned STG and benefits from loaned amounts in Margin trading, and STG loaned amounts in Lending, are excluded from the snapshot.
Crypto.com reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without notice.
Kindly refer to status.crypto.com for all the latest updates.
We thank our users for their support and understanding.
