We want to start this post by saying that we value our community immensely. The past few weeks have been very difficult but the outpouring of support we’ve received has been amazing. Your support means everything to us, so from the bottom of our hearts, we thank you.

As mentioned before, due to the hard work of our team the MORPH to MRPH token swap is approaching 80% completion. The remaining 20% of the unswapped tokens fall into one of two categories; first, transactions that we are currently processing on exchanges while working closely with them, and second, balances that remain on the HitBTC cryptocurrency exchange.

At 3:05pm EST on June 21st, 2018 we requested that HitBTC halt the deposit and trading of MORPH tokens due to an issue with our previous smart contract. At 7:22am EST on June 22nd, 2018 HitBTC responded, stating that they had ceased accepting deposits of MORPH tokens but would not halt trading. However, despite confirming to us that they had halted deposits, they continued to accept deposits until past 6:56pm EST on June 22nd after confirming they had been ceased.

Unfortunately this allowed more than 17.6 million fraudulent MORPH tokens into circulation and these fraudulent tokens continue to be traded on HitBTC.

We have made repeated attempts to work with HitBTC to identify fraudulent tokens and transactions in order to begin the token swap process but all of our attempts have been refused. This means that we have no record of HitBTC wallet balances, deposits, withdrawals, or trading transactions from which to initiate refunds.

Unfortunately, this leaves us no choice other than to begin the refund process without their help.

As such, we will refund HitBTC users up until the time that we publicly tweeted to cease trading on HitBTC at 4:32pm EST on June 22nd, 2018. Any trading that occurred after our announcement will be reviewed on a case — by — case basis. In order to start that process we request that users complete a simple but necessary verification process, which will include verification of balances and transactions

In the likely event that HitBTC opens withdrawal of MORPH tokens in the near future DO NOT transfer them off the exchange, as we will not be able to process refunds for new deposits made to Ethereum addresses.

This is a difficult scenario for us as we know there will be innocent traders that will be harmed, but we have been left with no alternatives. If you are a HitBTC user with a MORPH token balance that adheres to the aforementioned timeframe requirements, please contact us immediately at support@morpheus.network for further instructions.

Thank you!!

[NOTE: A previous version of this post contained a time of 1:32 PM EST. The time has been updated to 4:32 PM EST]