Here’s Why HashKey Group Postponed Its Token Launch Indefinitely

Hong Kong-based crypto exchange HashKey Group has announced that it will postpone the launch of its HSK token due to weak market performance in the past three months.

In a recent X post, the exchange emphasized the need to wait for a better time to launch the token generation event (TGE) due to current market conditions.

HaskKey Delays TGE

According to HashKey, rushing to list the token would not be in the community’s best interests.

After discussions with their partners and centralized exchanges, the company noted that a consensus was reached to wait for a more favorable opportunity to proceed with the TGE. 

“Rushed listings do not serve the community’s best interests, so a consensus was reached through discussions with our partners and centralized exchanges,” the exchange said.

HashKey noted that this approach aligns with their commitment to creating long-term value for HSK.

Despite the market downturn, HashKey remains focused on strengthening its ecosystem and infrastructure. The firm expressed optimism about a potential market recovery by the end of the year, adding that it is preparing for significant growth and will continue to monitor market dynamics closely to determine the best launch timing.

They also emphasized their commitment to transparency by promising regular updates to the community. To further engage the community, HashKey plans to host monthly HSK meetups, both online and offline, where users can share feedback.

Community Reaction

Meanwhile, the postponement has sparked reactions within the community. One X user expressed frustration, questioning the need for a better market environment if the token is genuinely designed for long-term growth. The user also criticized the lack of an apology, calling it a “cover up.”

Another user expressed disappointment, noting that HashKey’s reputation was being damaged, particularly in South Korea, and labeling the situation “ridiculous.”

HashKey initially revealed its plans for the HSK token in November 2023. HSK is an ERC-20 utility token designed to incentivize contributors within the ecosystem by offering perks such as fee discounts, specific rights for asset issuance, and early access to future token subscriptions.

According to HashKey, the total supply of HSK is set at 1 billion, with 65% allocated for marketing and business development, 30% for the HashKey team, and 5% for additional user protection. The firm also intends to mitigate potential dilution by burning tokens—allocating 20% of its net profits to this process.