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My 5 bucks attempt to claim KICKToken 888,888

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joebabana
@joebabana
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TLDR; Don't bother claiming unless you like to use their exchange.

What is KICK?

Remember KickToken? Some years back they airdroped them into ethereum wallet with transactions. The sum was 888,888 and back then was worth around USD16 to USD19. HackerNoon article here

As they termed it as frozen airdrop, wallet owner will need to thaw or unfreeze the sum. In order to do so, wallet owner need to sign up to their brand 'new' spanking exchange Kick Exchange.

Since this particular Eth wallet is dormant and the total value of the airdrop KICK was over USD200.00, I've decided to investigate further.

I signed up with my 'tongsampah' gmail account. No KYC needed since the amount didn't exceed their basic tier. However, I suspect if you want to claim more of the 888,888 then KYC is definitely a must. God knows what they'll do with your KyC'ed information. No prize for guessing.

In the kicktoken unfreeze interface, you'll be greeted with a page like this.

The Unfreeze dialog box show you the amount you are eligible to thaw for you.

Clearly states you'll need KEX to unfreeze a certain amount of KICK.

What is KEX?

According to their FAQ

"To unfreeze the tokens KICK you need to have $KEX tokens. $KEX is a semi-stable token on the KickEX exchange that is backed by proof-of trading and a fixed price within the Kick Ecosystem. The $KEX token is rewarded to traders for their trading volumes on the KickEX exchange. A trader receives 1 $KEX for every 4 USDT of the trading fee they paid. So the more you trade on KickEX, the more $KEX you have, and the more frozen KickTokens you can unfreeze."

Now that's their way to get trade into KickEx exchange. As there are no legality governing this, since is still a Wild West in crypto, ethically is questionable.

Many content publisher has made tube videos and written about this as a scam. I won't say is total scam but is borderline deceptive that's for sure.

Why 5 bucks?

I did deposit some funds into KickEx to see how it goes. Cumulative actions of deposit and withdrawal was about 5 USDT and thank goodness TRC-20 charges minimal.

Conclusion.

Don't bother. Just disable it from your wallet or migrate to a new one and this still holds true in 2021.

Posted Using LeoFinance Beta