Berachain's co-founder, known pseudonymously as Smokey the Bera, acknowledged errors in the project's token allocation and shared plans for remediation.
Admission of Misallocation
The Berachain co-founder stated that the team sold too many tokens to venture capitalists prior to the launch, which occurred as the Berachain mainnet went live on February 6.
Community Response and Mitigation
Despite early success, the project faced backlash on February 11 concerning token allocation and potential insider trading. The team is considering buying back tokens to ensure more equitable distribution among the community.
Expansion in Korean Exchanges
The BERA token was listed on major South Korean exchanges Bithumb and Upbit on February 6. Trading is restricted to the Berachain network.
Berachain aims to correct token distribution mistakes and ensure fairer allocation among community participants.
