TronWallet and TronWatch go separate ways after accusing TronWatch founder of stealing 180 million TWX
Tron is currently one of the most valuable cryptocurrencies on the market. Currently, the Tron network has run the mainnet successfully and developed many wallet applications to store TRX safely and conveniently. TronWallet is one of the trusted wallets among them.
TRON Wallet is an online web wallet platform (hot wallet) created by the developers of the project. It is directly integrated into TRON’s Blockchain check website.
The relationship between TronWallet and TronWatch began in August 2018. The TronWallet team acquired the decentralized exchange (DEX) of TronWatch Market (TWM) by merging tokens and teams. The goal of the merger is to develop an improved TWM v2 and launch it on new chains such as Ethereum, EOS, and others.
After merging the teams, 5 out of 7 members of the TWM team had previously left the TWM project without notice. Only the other two members are working on the project and trying to help fix the remaining issues of TWM DEX. This has hindered the progress of knowledge transfer. At the same time, TWM DEX problems began to appear and a lack of knowledge, the TronWallet team struggled to learn and decipher the problem by themselves.
According to the initial agreement, the TronWallet team has planned to give TWM 1 billion TWX tokens for 10 years of contract trading. After renegotiation, the two sides reached a new agreement of 180 million TWX in 3 years of the contract, which means ending the TWM team’s obligation to develop TWM.
Snapshot of the TronWallet team
As a result of this renegotiation, the TronWallet team sent 180 million TWX to Magalon on December 4.
But every party must come to an end! The start was exciting but the ending was painful.
On December 24, the TronWallet team discovered that Antonie P, the founder of TronWatch Market Exchange, known as Magalon, violated the merger agreement with TronWallet.
TronWallet ends cooperation with @TronWatch Market (TWM) DEX following breach of agreement by TWM founder
In light of this, we’ve decided to shut down TronWatch for trading & urge all users to cancel their orders & withdraw funds from the DEX.
— TronWallet (@TronWalletMe) December 25, 2019
According to the team, Magalon did not follow the new agreement. Instead, he steals tokens, which are supposed to be shared with the entire 7-member TWM team. Meanwhile, the TWM team did not develop v2. The TWM team has not implemented its DEX for other chains.
Magalon has not only violated the agreement but has since started to sell millions of TWX tokens on trontrade.io and poloniex.org without prior notice.
TronWallet has decided to close TronWatch DEX. Although so far no money has been compromised on TWM, TronWallet calls on all TronWatch users to cancel orders and withdraw any funds from the exchange as soon as possible.
Responding to this allegation, TronWatch denied control of the current version of TronWatch Market, saying TronWallet has implemented the bug to cause the problem.
The cooperation between TronWatch and TronWallet is over. @TronWalletMe is in control of the current version of https://t.co/pw9OJjkGTx and implemented Bug to cause users issue.They are still in control of the code.
— TronWatch (@TronWatch) December 25, 2019
However, the community does not seem to trust TronWatch’s rejection. Magalon has shown his true identity as a deceiver and a thief. His reprimand also lost the trust of thousands of users.
Most people are disappointed with the actions of Magalon and TWM.
Meanwhile, users are on the side of TronWallet. “The TRX community has complained about TWM for a long time. There was a significant COMMUNITY objection and FUD, now justified, about TWM”, user Marc Taylor tweeted.
Users praised transparency and the promise to fix this with the team’s own exchange. “The TronWallet team has done a great job for the Tron community and deserves all the support,” user Acceb shared.
TronWatch Market DEX was suddenly shut down after the news, which made some users confusing and seemed to prove TronWallet’s allegations to be true.
@TronWatch How come you guys are shutting down? Is it the whole platform or just the #DEC transactions with #TRX that you are stopping. Really enjoying playing @steemmonsters and the added #TronWatch feature was incredible and loosing the feature is rough. #DontShutDown
— Janiru Technology (@Janiru_Tech) December 29, 2019
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