BitTorrent Token (BTT) Sale Sold Out in Under 15 Minutes; Binance Crashes as a Result

The BitTorrent Token (BTT) sale on Binance took place yesterday. In under 15 minutes, $7.1 million was raised, selling 50 billion BTT token. Binance announced the conclusion of the sale via an official blog post on their website.

The token sale ran in two different sessions: One for purchasing BTT with TRON (TRX) and the other purchasing BTT with Binance Coin (BNB). Both sale sessions ended quickly. This didn’t go without a hitch though.

It seems Binance wasn’t fully prepared for the amount of traffic it was going to receive and ran into major complications during the sale. During the BitTorrent Token sale, many were not able to complete transactions.

Full transparency. The issue experienced today was caused by the "user agreement confirmation" button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.

— CZ Binance (@cz_binance) January 28, 2019

All order requests were preserved by Binance, and the transactions that were frozen should still receive their BTT in the end. After Binance had its issue, TRON came out that it would host an airdrop for BTT tokens to make up for the fluke.

I would like to explore the possibility with @binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX

— Justin Sun (@justinsuntron) January 28, 2019

It remains unknown at this time if there will be a BitTorrent Token Giveaway, as Binance’s CEO has yet to formally make a statement regarding Sun’s tweet. Last year, TRON purchased BitTorrent, the peer-to-peer file sharing protocol.

In Binance’s blog post, the exchange explains BitTorrent as:

“BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing, empowering a new generation of content creators with the tools to distribute their content directly to others on the web. BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods. BitTorrent currently has 100 million monthly active users (MAU) across 138 countries.”

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At press time, the cryptocurrency market is rebounding after trading mostly red yesterday. Currently, Binance Coin (BNB) is still trading red at $6.25 a coin, down -4.71%. TRON (TRX) is trading at $0.0275 a coin, up 1.43% in 24 hours.

Featured Image: Twitter

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