Metabit Network will destroy 35 million tokens, accounting for 23.6% of the total circulation

On September 9th, the public chain project Metabit Network announced that due to recent conflicts in development strategy, it has been affected by malicious dumping behavior from former team members, causing a significant fluctuation in the price of BMTC coins. The foundation has released the following measures:

· BMTC Token Destruction Plan
The total issuance of BMTC tokens is 1 billion, with a circulation of 150 million. Among them, IDO, seed round, institutional round, foundation and team have collectively released 70 million tokens. After active communication between the foundation and all parties involved, they reached an agreement to destroy a one-time total of 35 million tokens within seven days which accounts for 23.6% of the total circulation.

In this destruction plan: it accounts for 70% of the tokens already released by the foundation; it accounts for 60% of those already released by teams; and it represents half (50%) of what was issued during institutional rounds. For seed rounds and IDOs,the Foundation also reached consensus with some investors who agreed to participate in this destruction.

· Buyback Plan
Recently,the Foundation has repurchased 1.1 million tokens from exchanges which will also be included in this destruction plan.