Rights Protection Part 3: Kaito × Billions Presale Allegations — The whereabouts of 5.558M USDC, issues known since March, and the change of conditions right before the TGE. They must provide a public explanation. Today, I will summarize the core allegations regarding the Kaito @KaitoAI and Billions @billions_ntwk Community Sale / Presale incident once again. This incident is not merely a matter of "community sentiment." Nor is it simply a matter of "dissatisfaction with the refund process." The real issue is this: A project that publicly raised funds via Kaito Launchpad and displayed "100% unlock at TGE" on its page suddenly changed its core conditions right before the TGE after fundraising was complete, demanding that users choose between a refund, a 6-month lockup, or a 12-month lockup. Currently, at least the following core allegations remain regarding this incident: 1. Are the original conditions still valid? At the time, the Kaito Launchpad page displayed the following: Target Raise: 5,000,000 USDC Total Funded: 5,558,000 USDC Vesting Schedule: 100% unlock at TGE Users participated based on these core conditions. However, just before the TGE, the rules have changed as follows: A: 100% refund B: Full allocation + 25% bonus, 6-month lockup C: Full allocation + 50% bonus, 12-month lockup This is not a simple operational adjustment. It is a substantial change to the core economic conditions. 2. Who pushed for the change in conditions? The project team's initial explanation was community requests, compliance, exchange requirements, and long-term alignment. However, Kaito founder Yu Hu later stated publicly that the Billions team had already informed Kaito in March that the 5.6% day-1 launchpad unlock could be a major exchange listing obstacle and that a change in conditions including a lockup was necessary. If so, what is the real reason? Is it community feedback? Is this an exchange listing obstacle? Or is it an internal decision by Billions / Kaito? Please unify your position rather than offering conflicting explanations across different accounts, platforms, and timelines. 3. If you were already aware of this in March, why were users notified only right before the TGE? This is the most critical question right now. If Billions had already informed Kaito in March that the existing day-1 unlock structure could affect the listing, why wasn't all participants notified immediately? Why wasn't the Kaito Launchpad page updated in March? Why were users suddenly notified right before the TGE to choose between a refund, a 6-month lockup, or a 12-month lockup? This is not simply a communication issue. It is a matter of whether critical information was disclosed with delay. 4. Exactly which exchange is the problem regarding this so-called "major exchange listing obstacle"? If a major exchange truly requested a change to the day-1 unlock, you must clearly state the following: Which exchange is it? Was it a formal written request, or was it an oral opinion? Was it a compliance requirement from the exchange, or was it an internal judgment by Billions / Kaito? Was the exchange aware that the original condition for the community round was a 100% unlock at TGE? Is the exchange aware that this change has already triggered a movement to protect community rights? Do not shift responsibility to unverifiable third parties using the vague expression “major exchange.” 5. Polymarket odds are not a contract. Yu Hu stated that at the time, Polymarket estimated the probability of Billions launching above the 100M FDV breakeven level at approximately 40%, and currently, it is about 80%. However, how does that relate to user rights? Users did not participate based on Polymarket prediction markets or FDV odds at a specific point in time. What users saw were the conditions written on the Kaito Launchpad page. 100% unlock at TGE If a 40% probability on Polymarket can be the reason for changing the conditions, shouldn't it be reverted to the original 100% TGE unlock now that it has reached 80%? Prediction markets are not contracts. Market sentiment is not user consent. User rights cannot be changed right before the TGE simply because the TGE is difficult. 6. Is Kaito a neutral platform, or is it the implementing entity? The founder of Kaito previously stated that presale funds had already been transferred to the project side. However, rule changes, refund options, and related announcements were still sent out through Kaito. This creates a serious contradiction. If Kaito is merely a neutral platform, why is it able to send out announcements that affect core user rights? If Kaito is organizing refunds, lockups, and condition changes, it cannot claim to be a mere bystander. Kaito must clearly clarify its role in this Community Sale. Is it the entity responsible for displaying information? Is it an intermediary for receiving funds? Are you the project agent? Are you the entity executing the refund process? Or are you the entity responsible for Launchpad? 7. Where is the 5.558M USDC currently located? Users have the right to ask this question. Where are the funds currently located? Were there escrow/custody arrangements? Have all funds already been transferred to the project side? When, in what manner, and to which entity or wallet were they moved? Have they ever been used for operations, deposit returns, loans, liquidity provision, market making, or other purposes? If profits were generated from the funds, to whom do those profits belong? Where do the refund funds come from? Initial participants are not a means of interest-free loans for the project. Community funds are not a cash pool that the platform and the project can handle ambiguously. 8. Why do we have to wait until May 19th for refunds to begin? Billions stated that they would begin processing refunds starting May 19th after the selection period ends and would fulfill all refund requests. However, this presale did not happen yesterday. Users already participated in the presale and paid funds last August. These funds have been tied up for several months. Now that the project and platform have unilaterally changed the original “100% unlock at TGE” conditions, the funds of users who selected a refund must be returned immediately. There is no reason to wait for so-called “prompt processing” after May 19. Please answer the following questions directly: Why can't you process refunds immediately? Why do you start processing refunds only after the selection period has ended? Where were the funds during this period? Was there an escrow/custodial arrangement? Were the funds ever used for deposit returns, loans, operations, liquidity, market making, or any other purpose? If profits were generated during this period, to whom did those profits belong? Are the refund funds already prepared? If you can fulfill all refund requests, why can't you complete the refund process within three business days? Given that user funds have been tied up for an extended period, refunds continue to be delayed, and the flow of funds remains opaque, I am compelled to raise reasonable doubts about the possibility that Kaito and Billions may have used user presale funds for deposit returns or other undisclosed purposes. If not, please disclose the method of fund storage, the flow of funds, and proof of balance. My demands are clear. For all users who have chosen a refund, the refund process must be completed within three business days, and it must be made clear that choosing a refund does not constitute an agreement to new terms, nor does it constitute a waiver of rights regarding changes to the original terms. A refund is not a favor. It is the most fundamental right that must be guaranteed to users after the original terms have been changed. 9. The positions on the Kaito platform page, Kaito emails, and the Billions Foundation tweets do not align. The initial announcement regarding rule changes and the refund option was sent by Kaito. Subsequently, @billions_fdn released a statement explaining the refund process. However, the original terms on the Kaito Launchpad page have not yet been updated, and there is no official explanation documenting the basis for the changes. Who exactly are users supposed to follow? Is it Kaito's email? Is it the Billions Foundation tweet? Or is it the original Kaito Launchpad page that displayed "100% unlock at TGE"? A Community Sale involving 5.558M USDC cannot be handled by multiple accounts taking turns issuing vague and inconsistent statements. 10. If Kaito did not agree in principle, why did they still proceed? Yu Hu stated that Kaito said, "I don't agree with it in principle." If Kaito did not agree with the change in terms in principle, why were refund/lockup options still sent out via the Kaito platform? If they did not agree, please explain what alternative Kaito requested for the users. If they proceeded, please clearly explain the scope of Kaito's liability during that process. You cannot claim not to agree in principle while simultaneously executing modified rules through your own platform. What the community needs right now is not emotional consolation or another "we understand the frustration." What we need is the following: A complete timeline from March to the present; Specific grounds for the major exchange listing obstacle; Original terms, grounds for changes, and legal/contractual grounds; Boundaries of liability between Kaito and Billions; Fund flow and custody method of 5.558M USDC; A clear timeline for refund completion, and completion of the refund process within 3 business days; Confirmation that the refund does not constitute a waiver of user rights; Sync updates to the Kaito Launchpad page and preservation of the full history; Disclosure of whether there were any undisclosed commercial agreements, platform fees, token allocation, advisory relationships, or conflicts of interest between Kaito and Billions; A unified, formal, actionable, and responsible solution. This is not about someone "causing trouble." It is a demand from the initial participants, who joined based on the disclosed terms, to respect the promises made to the platform and project, disclose fund flows, clarify the refund schedule, and take responsibility. Do not stall with vague answers and wait for the enthusiasm to cool down. Answer the questions head-on. @KaitoAI @Punk9277 @billions_ntwk @billions_fdn @CoinbaseAssets @cbventures @CoinbaseMarkets @Official_Upbit