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NFT marketplace X.xyz, with Huang Licheng as an advisor, announced its closure! Platform token X plummeted 88% in a single day.

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NFT marketplace X.xyz, with Huang Licheng as an advisor, announced its closure! Platform token X plummeted 88% in a single day.

After unanimous approval through a community vote, NFT trading platform X.xyz, with "Brother Mark" Huang Licheng as advisor, announced its closure today. Holders of platform token X will receive an equal distribution of ETH from the treasury.

Huang Licheng's multi-chain NFT trading platform X.xyz shuts down

According to X.xyz's Twitter, the platform announced on Thursday, 11th, its intention to close the protocol and return protocol funds to token holders. A vote was initiated on the same day for the community to collectively decide whether to proceed with the shutdown.

The voting results were announced this morning, with no dissenting votes from the community, unanimously agreeing to the decision.

After the closure of the protocol was officially confirmed, X.xyz is currently no longer operational. The platform token X instantly plummeted, dropping by 88% since the news was announced.

The 501 ETH in the protocol treasury will be evenly distributed to X token holders. Holders of 10,000 X tokens on average will receive 0.00156 ETH, to be distributed via airdrop. However, if one holds less than 5,000 X tokens, they can claim directly on the X.xyz page.

Huang Licheng once defended X.xyz

Huang Licheng has not publicly commented on this matter. As an advisor to X.xyz, during the period when the APE token caused a stir due to airdrops and ecosystem development last year, he specifically launched an NFT market ecosystem for the Bored Ape Yacht Club that was not officially from Yuga Labs.

At that time, whenever people listed NFTs on the X.xyz exchange, he would burn APE and reward X tokens.

However, ApeCoinDAO seemed uninterested in this market at the time, instead focusing on other similar markets. This behavior led to Huang Licheng's complaints, stating that ApeCoinDAO's governance was a farce and suspected of dumping its APE on Binance.

However, as interest in APE and the Bored Ape Yacht Club ecosystem has waned recently, X.xyz officially bid farewell to its users today.

NFT