With Bitcoin breaking below the crucial $20,000 mark, it has been an interesting and rough time for the crypto markets.
We are incredibly thankful for the support and well-wishes that we have received from the CoinWealth Community during these times. On that note, one important announcement that has been long pending has been the decision regarding the Mercedes Contest for Phases 2 & 3 of the sale.
While this would have ordinarily been a simple and straight process, the awareness of a loophole that could be exploited by just a few participants and the sensitivity of the contest to a play of numbers made us hold back. We have had to rethink what is fair and logical despite the challenging discovery. We are not shying away from giving out the full value of the top reward.
After much thought and brooding over the options for over three months, it is time to make the call and announce. Here is what we have arrived at:
1. We can longer logically determine one winner given the ambiguity surrounding the potential use of a loophole that not all participants were aware of or could make use of. The game was closely fought and therefore small advantages cannot be ignored once we were made aware.
2. We are distributing the full value of the reward in the form of a purchase cashback to all contest participants who made valid purchases between $900 and $1000 (inclusive) during the contest period and following all rules. And no, we are not giving cash back to all buyers in Phases 2 & 3 because that is not the intent. We are distributing the prize-money in the form of a cashback. The Cashback will be in proportion to their purchase value but not exceeding the total purchase made.
3. The runner-up prices stand cancelled as almost all major participants get a prize with this new distribution.
4. The prize winners will receive their cashback in a USD-equivalent stablecoin that will be deposited to their Bitbns account or their personal bank account.
5. We have been working on NFT watches for the participants in the contest. However, that is delayed. We propose to dispatch regular branded watches instead.
I know that this final call may or may not be liked depending on what your expectations were but we have thought through the options enough to know that this makes the most sense. We made use of our best judgment and the rights of the team to make the final call on the winners.
We thank you for the participation despite rough markets. We look forward to having you participate in the action that lies ahead for the CoinWealth ecosystem regardless of the economic conditions in the market.