As announced on June 1st, the token burn for unsold MFG Tokens is set to take place on June 30, 2018.

What is a Token Burn?

A standard practice for many blockchain companies that run a token sale is to burn unsold tokens that were not previously allocated. By burning tokens, we’re removing unsold tokens from the public sale pool which will lower the total supply of available MFG tokens.

When will the Token Burn happen?

The first phase of the burn will take place at approximately 12:00 PM PST on June 30, 2018.

Why are you burning tokens in phases?

We implemented a Phased Burn Process to ensure sufficient time for those who have yet to complete their token claim submissions in accordance with our KYC Requirements. There are few left who have yet to complete compliant token claims but for whom we still must maintain respect as members of our community and realize they may have extenuating circumstances. The final phase burn number is dependent on the number of ultimate KYC failures due to AML or banned jurisdiction flags we encounter, as that will alter the amount burned in the final phase.

Token Burn schedule:

The token burn will take place in 3 phases of nearly equal thirds, with the final number of the remaining balance to be announced upon conclusion of the Phase 3 Burn.

Phase 1 Burn: 50M MFGs — June 30, 2018

49 million unsold MFGs will be burned and 1 million MFGs will be burned from the team pool to compensate for unreturned tokens as detailed here.

Phase 2 Burn: 50M MFGs — July 31, 2018

49 million unsold MFGs will be burned and 1 million MFGs will be burned from the team pool to compensate for unreturned tokens as detailed here.

Phase 3 Burn: Unsold/Unreturned MFGs — August 31, 2018

The remaining balances will be burned, with the exact number announced upon conclusion of the third and final burn.

Haven’t redeemed your tokens?

If you have yet to redeem your tokens, please visit https://tokensale.syncfab.com to claim your tokens with priority support to token sale claims prior to the cutoff date on June 30th.

After this date, our team will be shifting focus from distribution support to refocus on completing new product updates and daily operations growing the business in furtherance of its core mission. Tokens will still be available at a slower response rate to those who purchased by contacting support@syncfab.com until August 30, 2018.

What if I haven’t received my tokens?

We’re proud to unveil the SyncFab Token Tracker, which will allow you to track the distribution status of your tokens, and indicate steps to take if you have yet to receive your tokens. You can access the token tracker here.