Lumen giveaway deadline extension for exchanges
Stellar is in the midst of distributing up to 16 billion lumens to Bitcoin holders. We are distributing the lumens in proportion to people’s holdings as of Bitcoin block #472889 (the first block mined on June 26, 2017 UTC). Individuals have until August 27th, 2017 to claim their coins by proving that they controlled the Bitcoins.
Those who hold Bitcoin in their own wallets can easily claim lumens by visiting our self-serve claim page. The claim process requires people to sign a special message with Bitcoin keys, thereby proving they are the rightful owner of the claimed coins. For regulatory reasons, people also have to authenticate through Facebook so we can ensure they aren’t excluded from the giveaway.
Unfortunately, the situation is more complicated in the case of Bitcoins held in an exchange. The problem is that exchanges pool customer funds together in a small number of wallets. From the blockchain alone, the best we can hope to determine is that an exchange controls a certain amount of Bitcoin (if we know the exchange’s wallet addresses). Only the exchange itself knows how many Bitcoins belong to each customer.
We would like to distribute lumens to as many Bitcoin holders as possible, but cannot do this without the active participation of exchanges. Recognizing it is harder for exchanges to implement our giveaway than for individuals to claim lumens, we are offering a claim deadline extension to December 31, 2017 as well as limited technical assistance to exchanges that meet the following criteria:
- You must request the extension by August 27, 2017.
- You must assert that you have a record of your customers’ Bitcoin holdings at the time block #472889 was mined on June 26, 2017 0:12 UTC.
- You must publicly pledge to allow customers to claim at least 99% of the lumens they could have claimed had they held the Bitcoin in their own wallets. (That means you can optionally take a 1% fee as well as any lumens distributed to your float, but you cannot keep more than 1% of lumens intended for your customers.) Include a link to this pledge in your extension request.
- You must give us your Bitcoin wallet addresses so we can determine how many lumens to reserve for the point at which you actually claim. (Unclaimed lumens not reserved for a future claim will be reallocated to the Stellar Build Challenge or other uses.)
*Note: we do not expect you to distribute lumens to customers who lent Bitcoin out on margin loans or whose Bitcoin was otherwise not eligible for withdrawal or trading at the time block #472889 was mined June 26, 2016.
Exchanges that wish to participate in the deadline extension program should email us at [email protected] with the above information. We appreciate your willingness to participate in our giveaway and are confident that your customers will appreciate it too!