Announcement regarding the completion of the application for interim injunction to suspend SSX trading support termination
Hello, SOMESING community members,
This is the SOMESING(SSX) team.
Regarding the decision made by the Digital Asset Exchange Association (DAXA) to cease support for SSX trading on February 27th, the SOMESING team released an official statement on February 27th via Medium addressing the project’s stance on DAXA’s decision.
(For the statement related to the project’s stance, please refer to the following link: https://singlovers.medium.com/official-statement-regarding-the-delisting-of-ssx-cb47dbc862b3)
On February 14, 2024, shortly after the investment warning flag was designated on SSX by member exchanges of DAXA, the SOMESING team received a request for additional clarification materials. Diligently preparing documentation for all requested items, the SOMESING team submitted the supplementary materials to DAXA on February 22, 2024.
Despite presenting a concrete action plan to restore trust in the project following the hacking incident, and demonstrating a strong commitment to business continuity, DAXA announced the cessation of trading support on February 27 without providing an opportunity for further clarification on the supplementary materials submitted. In response to this, we immediately engaged in urgent consultations with a law firm upon the announcement of the cessation of SSX trading support. Consequently, we have proceeded with an application for an interim injunction to suspend the effect of the SSX trading support termination. We would like to inform you through this notice that the interim injunction application has been completed as of today.
The decision to terminate SSX trading support, despite our proactive demonstration of business plans and willingness to continue for the benefit of SSX holders and community members, not only exhibits procedural deficiencies by not allowing sufficient opportunity for clarification but also entails substantive flaws as no clear reason for termination, based on the existing evidence, has been provided. Based on legal advice indicating the existence of both procedural and substantive deficiencies, we have prepared and submitted the interim injunction application to the court.
After conducting a thorough review of the reasons provided by member exchanges of DAXA for the termination of trading support, and based on the advice of our legal counsel, we have decided to prioritize a specific exchange and proceed with the application for an interim injunction to suspend the effect of the termination. We will endeavor to obtain a favorable outcome from the competent court by the deadline of March 12, 2024, 3:00 PM, which marks the termination of SSX trading support, as advised by our legal counsel.
In the event of any additional developments related to the application for an interim injunction to suspend SSX trading support, we will promptly notify our community through an official channel.
Thank you.
SOMESING Team
