Atari Announces Planned Creation of New Token and Termination of Joint Venture
Atari has announced the termination of all license agreements with ICICB Group and its subsidiaries (“ICICB”). The license agreements between Atari and ICICB, including the Atari Chain Limited license (the “Joint Venture”) and the related licenses including hotel and casino licenses, have been terminated effective 18 April 2022. ICICB is not authorized to represent Atari or its brands in any manner.
Atari remains enthusiastic about the potential for blockchain initiatives and continues to establish and pursue strategic ventures and partnerships in the space. This will include the creation of a new proprietary token with a focus on gaming, community, and utility.
How does this announcement affect holders of the ATRI token?
Atari will be creating a new token in the near future and will offer to exchange the new token for ATRI tokens that were held on April 18, 2022 at 6:00PM CET (GMT +1). To participate in the exchange, ATRI token holders will be required to present their ATRI tokens at the time of the exchange. Only tokens present in wallets as of the snapshot and in amounts equivalent to those captured at the snapshot will be eligible. If you sell or otherwise transfer any of your held ATRI tokens after April 18, 2022 at 6PM CET, those tokens will not be able to participate in the exchange. Further, any tokens acquired after the snapshot will not be eligible.
Going forward only official Atari websites and social media accounts should be consulted for information regarding Atari, Atari’s blockchain business, the new token, and the planned exchange.
Atari disclaims any interest in the Joint Venture and informs the public websites controlled by that entity (i.e. www.atarichain.com, www.ataritoken.com), whitepapers, and social media channels should not be relied upon for guidance or information related to Atari.
We strongly recommend that ATRI token holders read the FAQ below, and follow Atari for official communications regarding the upcoming exchange.
Frequently Asked Questions
- Why has Atari elected to end its relationship with ICICB?
An Atari-branded token is simply too important to be kept at arm’s length from our company. The licensing arrangement we had for the Joint Venture did not give us enough control over how the ATRI Token was managed, or enough say in charting its future. We believe blockchain will have a meaningful role in our business, and a branded Atari token that focuses on gaming, community, and utility will have an important place in that ecosystem. We feel that requires us to directly issue and manage any token that has our name on it.
- When will the token exchange occur?
We have not set a date for the token exchange. We anticipate it will take three to four months to issue a new token and build a robust infrastructure to enable the exchange and the ecosystem required to support the new token. We will be sharing information about our team, our roadmap, and our progress on a regular basis, supported by a Twitter account and an actively-moderated Discord community.
- Who is eligible to take part in the token exchange?
Only wallets holding tokens as of April 18, 2022 at 6:00PM CET (GMT +1) are eligible for participation in the exchange. Token holders must keep their tokens until the swap period to maintain their eligibility. We will create a “check your claim” webpage to help holders check their eligibility for the swap and ensure they maintain the appropriate amount of ATRI tokens until the swap date.
- How does Atari know who held tokens as of April 18, 2022 at 6:00PM CET?
Because ATRI tokens are held and traded on a publicly accessible blockchain, Atari was able to take a snapshot of all wallets holding ATRI and the amount held. The snapshot includes LP providers on Uniswap to ensure those holding LP tokens are counted for the upcoming swap. The snapshot process was tested and audited to validate accurate counts.
- Are tokens acquired after April 18, 2022 at 6:00PM CET eligible for exchange?
No. Only tokens held as of the snapshot on April 18, 2022 at 6:00PM CET are eligible for exchange. Any tokens acquired after that time are not eligible.
- Will any tokens be excluded from the exchange?
Atari reserves the right to determine eligibility for the exchange.
- What happens to tokens that are not exchanged?
Any tokens not exchanged will remain in the possession of the original holder. However, we do not foresee these tokens having a use or purpose, and they are not supported by Atari or considered part of our blockchain ecosystem in any way.
- Why not just airdrop the new tokens?
Airdropping new tokens is a potential violation of applicable regulations.
- Can tokens held by the same individual across several wallets be sent back to only one wallet?
New tokens will only be issued to the wallets in which they were held as of April 18, 2022 at 6PM CET.
- If I purchase more tokens after April 18, 2022 at 6:00PM CET can I exchange them?
No. You will only be allowed to exchange the exact amount of tokens you held as of April 18, 2022 at 6:00PM CET. Any additional tokens you acquire will not be eligible for exchange.
- How many tokens will be part of the exchange?
We are bringing in token experts to create a balanced pool of new tokens that allows us to be forward thinking and create a robust Atari blockchain ecosystem.
- What about token holders from countries that are prohibited from ICOs?
The exchange proposed by Atari is not an ICO. This is an exchange of tokens, and we do not anticipate any restrictions related to ICOs will impact this process.
- How is Atari sharing information about the token exchange?
We are committed to keeping the community updated and informed. Our primary channels for communication will be Twitter, Discord, subscription email and updates to our websites.
- Will Atari be issuing a new Atari branded token?
Yes, we will announce the name and characteristics of the new token at a future date, but Atari does plan to issue a new branded token. The token will be issued directly by Atari, not part of a licensing arrangement with a third-party.
- Did you consider alternatives to ending the licensing agreement?
As a licensor we did not have enough control over the ATRI Token to ensure it met our standards. Because we have a responsibility to the Atari brand, the Atari community, and the blockchain community, we felt we had no other choice than to terminate the licensing agreement. The only path we see to providing value to the current holders is to issue a new token.
- Does this mean Atari is exiting or de-emphasizing its blockchain business?
No. Atari remains enthusiastic about the potential for blockchain initiatives and continues to establish and pursue strategic ventures and partnerships in the space. The new token will play an important role within our blockchain ecosystem.
Questions added on April 19, 2022.
- My tokens are held in a custodial account. Are they eligible for the exchange?
Exchanging tokens held in custodial solutions will require cooperation from the custodians. We are working to determine the best and most efficient way to handle these. If your tokens are held in a custodial solution, please do not move them until we provide guidance. Custodial exchanges include BKEX, Hotbit, Lbank, MEXC Global, Zonda, Bittrex, Probit Global and the Atarichain wallet.
- I am a liquidity provider, are my tokens eligible for the exchange?
The snapshot captured all wallets and amounts, including those held on decentralized exchanges. Liquidity providers were captured in the snapshot. You do not need to do anything with these tokens at this time. In addition, selling them will make them ineligible for the eventual exchange.
If you have a question not answered in this FAQ, please contact us using the form at this URL: https://app.customersupportnetworks.com/. If we feel the answer to the question will provide incremental value to token holders we will add it to this FAQ and inform you via email.