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Long-Awaited ICON (ICX) Token Swap Initiates

Long-Awaited ICON (ICX) Token Swap Initiates

Founded in 2017, ICON foundation made waves in the blockchain industry as one of the earliest community-focused platforms to connect separate blockchains. Announced on June 18, 2018, ICON (ICX) will initiate a token swap from ERC20 ICX to its mainnet coins in the coming days.

ICON Token Swap Details

After a delay originating from a transfer disable issue, ICON is finally migrating off of the Ethereum blockchain and initiating a token swap to its own native mainnet platform.

According to the official announcement, ICON token swaps will only be made available on three participating exchanges – Binance, Upbit, and Bithumb.

“Only Binance, Upbit and Bithumb are the official exchanges that have agreed with ICON for the token swap support. Please beware of other exchanges or third-parties claiming that they support ICX token swap. The list of exchanges will be updated.”

The aforementioned exchanges will accept deposits of ERC20 ICX up until June 20. At which time, the token swap will initiate and deposit/withdrawals of ICX will be suspended until the migration process is complete.

ICX coins will have a 1:1 exchange rate from ERC20 to mainnet coins (1 ERC20 ICX token = 1 mainnet ICX coin). After the token swap, users will not be able to convert their mainnet coins back to ERC20 ICX.

It is also worth noting that only approved exchanges will support ICX mainnet coin trading until further notice.

Warnings by ICON

Given that only a few select exchanges are participating in the ICON token swap currently, ICON has warned users of potential scams by third-parties seeking to exploit unknowing users for their ICX coins

In the “Important Notice” section of the announcement, ICON states:

“There may be SCAM attempts impersonating ICON. ICX token swap will only be made through ICONex, Binance, Upbit and Bithumb(as of June 18th). If you find any SCAM attempts such as asking to send your ICX to an individual wallet for the token swap process, please let us know ([email protected])”

With false marketing and fraudulent activity still prevalent in the cryptocurrency sector, users and traders are reminded to remain cautious and be aware of suspicious activity.

For more information on specific exchange’s token swap details, visit the original announcement here.

Cover Photo by Geran de Klerk on Unsplash

Filed Under: Adoption, Altcoins
Jonathan Kim

Jonathan Kim is a University of Washington student of Finance and cryptocurrency investor with a deep interest in the emerging industry of blockchain applications and cryptocurrency trading. His past experiences involve publishing original daily content for blockchain startups and trading cryptocurrencies using technical analysis principles.

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