This is an update to our PWV token holder community. As you’re aware, in late July we became aware of unusual and irregular trading of the PWV token. Upon investigation by the Peoplewave team, we believe we have found evidence of suspected illegal activity — fraud and embezzlement related to former contract employees working on our ICO. In early August we submitted a report and evidence to the Singapore Police Force and now there is an ongoing criminal investigation into these matters.
As recently as this week, there appear to be a large number of PWV tokens that have been “dumped” onto the exchange as well as actions that seem aimed at deliberately keeping the price of the PWV token at extremely low levels.
We have requested that the Qryptos exchange temporarily suspend all trading, as well as new deposits of PWV tokens on the exchange. This trading halt came into effect on Friday 31st August, and will remain in effect until we have the results of the Singapore Police Force investigation.
This is a temporary measure to stop further PWV price declines, to protect current token holders and to enhance Peoplewave’s security measures. The intention is to lift the trading halt as soon as we conclude the Police investigation.
The Peoplewave business still remains strong, ongoing and viable. The Peoplewave team and I are fully commited to supporting our community and ensuring real (utility) value is restored to our token and to our buying community.
We will provide ongoing updates via our Telegram and social media channels and look forward to restoring your confidence in PWV and the Peoplewave business.