Official Statement from DashFun Regarding the $DFUN TGE Incident on July 11

Dear community members, investors, and partners,

We regret to inform you that during the $DFUN token generation event (TGE) and listing on KuCoin on July 11, 2025, DashFun encountered a serious breach of agreement by multiple launchpad partners, which resulted in severe damage to the token’s initial price performance and overall market structure. We feel obligated to share the full truth of what happened and explain the actions we are taking to address the situation.

Background
According to our schedule with KuCoin, $DFUN officially went live for trading at 06:00 UTC on July 11, 2025. At that moment, no tokens had been unlocked, airdrops were not active, and there should have been zero circulating supply in the open market.
To maintain price stability, we had clearly agreed with all participating launchpads that IDO users would be allowed to withdraw their tokens exactly one hour later, at 07:00 UTC.
However, we noticed suspicious sell pressure shortly after listing began. At the scheduled user withdrawal time (TGE +1 hour), the volume of tokens dumped into the market spiked dramatically. Yet, feedback from multiple launchpads confirmed that all users had requested refunds and none had actually claimed tokens.

Investigation & Breach Confirmation
We immediately conducted an internal investigation and reviewed all on-chain transactions. We discovered that the following launchpads had seriously violated the agreement by transferring their token allocations directly into KuCoin hot wallets before the agreed withdrawal window, and those tokens were rapidly sold on the market:

ChaiNova
Wallet address: 0xEfFB4cf1A754b8BFCa3C069E0e1413e2d9E76698
Ordify
Wallet address: 0x1eedfca6bfce9606bb55431fd6390cb835a38f63
Gains
Wallet address: 0x2A2980b9CB5cB47fb989ec216BbbA724fF7fd450

Most notably, ChaiNova transferred 100% of its allocated tokens into the exchange, completely disregarding lockup and vesting terms.
These unauthorized actions caused a sudden and unexpected flood of tokens into the market, creating sell pressure that not only undermined price expectations but also triggered panic among our partners and investors. Some wrongly assumed the team was dumping tokens and began offloading their holdings in response, which further accelerated the price crash and market collapse.

Consequences
DFUN’s price collapsed immediately after listing, with no resistance support;
The tokenomics structure was irreparably damaged, with actual circulating supply far exceeding planned unlocks;
Trust between the project team and our market-making, exchange, and investment partners was severely compromised;
Community confidence and future strategic collaboration were significantly affected.

Response & Recovery Plan
In response to this crisis, the DashFun team has launched an emergency recovery plan, including the following measures:

We are terminating all partnerships with ChaiNova, Ordify, BSClaunch, and Gains, and reserve the right to pursue legal action.
We are working with new global strategic partners to rebuild our token market structure and liquidity model.
A relisting plan with a CMC Top 10 exchange is already in progress and will be announced shortly.
We will redesign the tokenomics to address the oversupply issue, implement new control mechanisms, and develop a recovery-based incentive structure.
A detailed recovery plan and revised roadmap will be published soon.

We acknowledge that this is an extremely serious event. But let us be clear: this incident was not caused by the DashFun team, but by the blatant violation of trust and contractual obligations by certain third-party partners.

We will not deflect blame, and we will not back down. The DashFun team remains fully committed to rebuilding, repairing, and delivering long-term value to our community.

Thank you for your continued trust and support.
Dashfun Official Team
July 23rd, 2025