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Announcement re: Recent Trading Halt

17th March 2021

This brief memo addresses the temporary CNS trading halt this past weekend and the follow-up actions taken by Centric Foundation.

What Happened?

This past weekend (13 March – 14 March 2021), Centric received reports of halted CNS deposits and withdrawals on five exchanges. These included MXC, Bittrex, Bithumb Global, CoinTiger, and Hotbit. One exchange, CoinTiger, posted a notice on their support site about the temporary suspension, citing trading “technical reasons.” Investigation by Centric Foundation revealed the exchanges halted in response to a request from Gabriella Davis, the former acting-CEO

How Did This Happen?

Centric Foundation notified all supporting centralized exchanges of the staffing change upon Ms. Davis’ termination. Ms. Davis subsequently contacted the exchanges, requesting the halt under false pretence. She identified herself as the “CEO from Centric,” and alleged that hiring a new CEO was an “unauthorized” action by “former” team members. Out of an abundance of caution, the exchanges complied with the request in good faith, pending further clarification. Consequently, Ms. Davis’ unethical actions resulted in a frustrating disruption of the ecosystem.

How Did Centric Address It?

Centric Foundation followed up with the listing directors at each exchange and explained Ms. Davis is a disgruntled former employee with no authority. Centric Foundation provided counterproof to address all of Ms. Davis’ fraudulent claims. After reviewing the clear evidence, exchanges have resumed CNS deposits and withdrawals.

What Now?

Centric Foundation has heard community speculation that Ms. Davis controls large quantities of CNR, and that she might take additional nefarious actions, such as “dumping” her holdings (to hurt the token price), or stealing funds from user wallets. Rest assured, Ms. Davis has no access to secure servers, user data, users’ private keys, or foundation wallets. Commensurate with her former role as acting-CEO, her compensation package included CNR tokens. However, she is unquestionably a minority token holder.

Centric Foundation regards Ms. Davis’ actions as a spiteful attack. She attempted to hurt the project and the wider Centric community. She continues to hold hostage the Centric social media accounts and other assets, and has circulated defamatory claims. 

Unfortunately, Ms. Davis’ unprofessional behavior since her termination has caused a large financial and resource drain on management. The team remains eager to close this sad chapter and continue growing the Centric project under the strong leadership of the new CEO, Joel Clelland. Meanwhile, Centric Foundation will continue to follow the advice of legal counsel in addressing these matters concerning Ms. Davis.

Thanks and appreciation goes out to the Centric community for your ongoing support. While recent events have been disruptive and distracting for us all, we remain fully committed to our roadmap and the larger Centric vision. 

Stay tuned for exciting project-driven developments in the coming weeks.