Permanent Rights Protection - A Poor Person Cheated by Binance and the Cake Team
I am an ordinary junior high school teacher from Xinjiang. I started investing in Cake in 2021. I entered the market with 10 US dollars and bought about 800 units. After that, I kept increasing my position with my salary. When the lock-up system was introduced, I kept locking up my tokens and extended the lock-up period every week. By 2024, I had increased my position to 24,000 units.
At this time, the Cake project launched the ve system, and I began to learn about CKP. Because I was optimistic about the long-term development of Cake, I started converting all my Cake into CKP. Later, I kept reinvesting the bribes I received into CKP. I thought the ve system would operate for a long time, and I even took out a loan to increase my position two days before the incident occurred.
Unexpectedly, disaster struck. Binance, in collaboration with the Cake team, decided to cancel the ve system, unlocking all the long-term locked Cake and making our governance token CKP worthless. Subsequently, they shamelessly proposed to provide compensation of 150,000 US dollars worth of CKP, with an estimated value of 50 million US dollars.
The cost of my CKP is around 5 US dollars, and for many others, the cost is even as high as over ten US dollars. According to their compensation plan, each CKP is only worth 0.5 US dollars. This is even more ruthless than a telecom fraud. This is the first case among all ve system projects where the ve system has been terminated. It is a despicable act committed by Binance, which claims to be the world’s largest cryptocurrency exchange, and a unilateral breach of contract by Pancakeswap, the largest DEX on the BSC. They are heartless murderers, the kind of people who clap their hands and wait to profit from others’ misfortunes when someone else is harmed. They have no sense of contractual spirit. They have crashed a project that I worked hard to build and shattered other people’s lives. I have spent five years of my youth, living frugally and increasing my position with my meager salary of several thousand yuan, only to end up facing a devastating disaster.
I know that I am an insignificant person. My grandparents receive a pension of only 100 yuan, and at the age of 80, they still have to work in the fields every day. My father’s salary is 1,800 yuan, which is equivalent to about 246 US dollars. I still owe a loan of 100,000 yuan. My family is extremely poor, and there is no one to help me. I can only speak up for myself. I will fight for my rights against Binance and the Cake team permanently until the day I die.
I hope everyone can approve this proposal and help us recover some of our losses. I really appreciate your support.