Attention Urged for StormX(STMX) Investments

Dear Upbit users,

DAXA(Digital Asset eXchange Association) has urged attention for StormX(STMX).

DAXA may jointly take measures such as urging investment caution/attention, flagging of investment warning, and termination of market support for investor protection.

If you are a holder of StormX(STMX), please review the detailed information below and confirm the following. :*Regardless of the outcome of our communication with the foundation, we will support the necessary token swap for StormX(STMX) to safeguard your assets.

STMX (StormX)

• According to the foundation, StormX(STMX) is scheduled to be integrated with EARN'M (EARNM) sometime in January. Therefore, please be aware of the increased price volatility of StormX(STMX).

[Guide to the Integration of StormX(STMX) and EARN'M (EARNM)]

• On 1 October, 2024, the StormX(STMX) Foundation announced the integration details with EARN'M (EARNM), a web3 rewards platform. They informed that if the vote for this integration passes, STMX holders will be able to swap STMX for EARNM, the new token of EARN'M.
  • Reference: Announcement of StormX and EARN'M Integration Proposal
• From 13 October, 2024, to 20 October, 2024, the StormX governance vote on the integration of StormX(STMX) and EARN'M (EARNM) took place, and the proposal was approved by the majority.
  • Reference: StormX 1st Governance Vote Results
• For STMX holders who couldn't participate in the vote due to staking, a second governance vote on the same proposal was held from 22 October, 2024, to 29 October, 2024, and the proposal was again approved by the majority.
  • Reference: Announcement of StormX 2nd Governance Vote
  • Reference: StormX 2nd Governance Vote Results
• As a result of these votes, after the integration of StormX(STMX) and EARN'M (EARNM), STMX holders will be able to swap STMX for EARNM, with the swap ratio determined proportionally based on the Fully Diluted Valuation (FDV) of StormX(STMX) and EARN'M (EARNM) before the integration.
  • STMX FDV: Specific date designated by the foundation or the average FDV of the last 30 days before the merger
  • EARNM FDV: Average FDV from the first month of trading since EARNM's inception
  • For example, if the STMX FDV is $100 million and the EARNM FDV is $200 million, the post-integration FDV will be $300 million. Following the integration, STMX holders will receive 33.33% of the new token supply, while EARNM holders will receive 66.66%.
• According to the EARN'M Foundation, the Token Generation Event (TGE) for EARNM is scheduled to take place on December 12, 2024. The official integration of StormX(STMX) and EARN'M (EARNM) will occur between 6 to 8 weeks after EARNM's TGE, as confirmed in the announcement by the EARN'M Foundation.
  • Reference: Announcement of StormX and EARN'M Integration (10/1)
  • Reference: [EARNM TGE Twitter Announcement (11/7)](https://x.com/EARNMrewards/status

DAXA(Digital Asset eXchange Association) members may jointly take measures such as urging investment caution/attention, flagging of investment warning, and termination of market support for investor protection. DAXA undergoes constant review and monitoring of the market and digital assets supported by member companies. In the event of a crisis, DAXA will prioritize investor protection by promptly delivering accurate information and taking joint actions.

Please rest assured that Upbit is fully committed to ensuring the safety of your trading.

Thank you.

※ Digital assets are highly volatile and your investment may result in significant loss.※ If there is any discrepancy between the translated English version and the original Korean version, the Korean version shall prevail.