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Floki Inu (FLOKI) holders awaiting the distribution of their Simon’s Cat (CAT) tokens have encountered unexpected issues due to an error in the initial snapshot date used by Binance.
The Floki Inu developers have provided an update on the situation, explaining the steps taken to resolve the issue.
According to the statement, the error occurred when Binance used an incorrect snapshot date of August 24 instead of the correct date of August 29. This error resulted in some users receiving excess CAT tokens, while others received none at all.
“Binance has suspended CAT withdrawals and is reprocessing the airdrop,” Floki Inu developers explained, adding: “Binance will reclaim tokens from users who received excess tokens and distribute them to users who received less or none at all based on accurate snapshot data. Estimated deadline: end of September 11.”
Users affected by the bug will see the recovery and redistribution reflected in their Binance records. However, complicating matters further, some users managed to withdraw their excess CAT tokens before the issue was detected. In response, Binance has committed to covering the affected amount to ensure all users receive full payouts.
Floki Inu developers said that Binance took full responsibility for the error and was working to quickly fix the situation.
*This is not investment advice.