Those who were part of the FLR airdrop snapshot in December 2020 were the XRP holders who were eligible for the SGB airdrop. In July 2021, the world’s first Turing-complete Federated Byzantine Agreement (FBA) network, Flare Network, announced its plans to airdrop SGB to XRP holders.
Despite receiving the tokens in September 2021 and promising distribution to eligible customers, the platform has yet to follow through on its promise, leading to a flood of inquiries from frustrated users.įollowing that, the exchange has yet to give a response, and the community has rolled out a petition, titled “Coinbase users demand an answer on our $SGB (Songbird) airdrop.” The document states that Coinbase faces judicial criticism over their handling of airdropped tokens, SGB and FLR. On January 17, Rispoli tweeted about the complaint along with its details for the crypto community to witness.Īccording to the court document, Dallas Woody, an American crypto user, alleges Coinbase for breach of fiduciary duty, fraud – intentional misrepresentation, negligent misrepresentation, constructive fraud, conversion, common count – the money had and received, negligence, violation of unfair competition law, and a request for declaratory relief. The attorney leading the case, Fred Rispoli, has stated that Coinbase has not fulfilled its obligations to its customers in this matter. Hodl Law, a cryptocurrency law firm, has filed a lawsuit against Coinbase for its alleged failure to distribute Songbird (SGB) and Flare tokens (FLR) to its customers as promised. Complaint filed against Coinbase Global, Inc., Coinbase, Inc., and Brian Armstrong.Attorney Rispoli alleges CoinBase of fraud, misinterpretation, and unfair competition.The Attorney said, “We are suing CoinBase to get everyone their SGB and FLR back.”.Investing in or trading cryptoassets comes with a risk of financial loss. The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. “ US persons, entities and sanctioned countries are not eligible to receive this airdrop.“.“ Supporting this airdrop does not guarantee the listing of SGB.“.“ XRP borrowed from Margin or Crypto Loans, or XRP transferred to Spot wallets from these accounts, would not be eligible for the airdrop.“.The airdropped SGB amount for each user holding XRP will be calculated based on the ratio: XRP : SGB = 1 : 0.1511.“ “ Snapshots were taken at the first validated XRP ledger index number with a timestamp greater than or equal to 00:00 (UTC). SONGBIRD AIRDROP : CoinBase Hi Coinbase, will you be supporting the Songbird token / Canary Network airdrop that was announced 3 or 4 weeks ago Thank you in advance for your Press J to jump to the feed. Well, yesterday (October 28), Binance announced that it will be supporting the Songbird Airdrop Program for $XRP holders: Second, as a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.“Īnd this is what Flare said about Songbird’s native token $SGB: Ideally all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird.
First, advanced testing and community building for applications that wish to launch on Flare. “ In all periods Songbird has two other core uses. “ Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change. The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens.This will improve the security, stability and credibility for the ultimate launch of Flare.
#Coinbase songbird airdrop series#
Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture. “ Songbird is the Canary network for Flare, it will have two distinct phases. Here is how Flare described Songbird in a blog post published on that day:
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