Floki announced the completion of the Simon’s Cat ($CAT) token airdrop, a cryptocurrency inspired by a popular cartoon series. The event aimed at rewarding Floki Inu ($FLOKI) holders with free $CAT tokens, with distribution taking place across major exchanges like Binance and OKX.
Allocation and Distribution Stages
To qualify, users needed to hold at least 400,000 $FLOKI tokens. The tokens were distributed proportionally based on the amount of $FLOKI held at the time of the snapshot. According to the official statement from Floki, 3.5% of the total $CAT token supply, equivalent to 315 billion tokens, was allocated for this airdrop. The snapshots were taken on August 22, 2024, at 12:00:00 UTC and on August 29, 2024, at 23:59:59 UTC.
Snapshot Error and its Impact
However, not all users were able to enjoy their free tokens. An issue arose due to an error in the initial snapshot date used by Binance, which was set for August 24 instead of the correct date of August 29. As a result, some users received excess $CAT tokens, while others didn’t receive any. In response to this, Binance temporarily suspended $CAT withdrawals and began reprocessing the airdrop to address the issue.
Measures to Correct the Error
Binance is reportedly working to recover the excess tokens from users who received more than they were entitled to and redistribute them to those who received less or none. The exchange has set an estimated deadline for completing this process by the end of September 11. Users who withdrew the excess tokens distributed to them will not be required to return them, as Binance has committed to covering the shortfall and ensuring all users receive the correct amount of $CAT tokens. Floki reassured its community that users will see the adjustments reflected in their Binance records once the reprocessing is complete.
Despite the challenges, Floki and Binance have taken steps to ensure the fair distribution of $CAT tokens among $FLOKI holders, maintaining transparency and fairness in the process.
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