Recall Foundation to Shut Down Operations, Burn 358.6 Million RECALL Tokens
Summary
- The Recall Foundation said it will shut down the project and burn about 358.6 million RECALL tokens after concluding that continued development was not commercially viable.
- The foundation said it will not conduct token buybacks, distribution of remaining assets, token purchases, or airdrops, and that 35.86% of total supply has been designated for burning.
- The foundation said it will use most of its remaining $3.7 million for payments to creditors and vendors and liquidation costs, while decisions on continued RECALL trading and listing status will be made by each exchange.
Forecast Trend Report by Period
The Recall Foundation will shut down operations and burn about 358.6 million RECALL tokens it holds. It will not offer buybacks or distribute remaining assets to token holders.
The foundation said on Oct. 30 that it had determined continued development was not commercially viable after reviewing protocol adoption, operating costs and growth prospects. It said the decision was not tied to a hack or security incident. Recall is a project that evaluates the performance of AI agents and issued the RECALL token in October last year.
The foundation plans to burn tokens it directly holds or controls by sending them to an unrecoverable address. The amount includes foundation treasury holdings and ecosystem support allocations, representing 35.86% of total supply. Tokens staked by users are excluded.
It will also halt software development, operational support and liquidity provision. The foundation will not conduct token purchases or buybacks. It also has no plans to issue new tokens or carry out an airdrop. Whether RECALL continues trading and remains listed will be decided by each exchange. South Korean crypto exchange Bithumb on the same day designated RECALL as a cautionary item.
The foundation has about $3.7 million remaining in stablecoins and fiat currency. It plans to pay $3.45 million to creditors and vendors and use $200,000 for legal, security and liquidation costs. The remaining $50,000 will be kept in reserve for additional claims.
Users will still be able to withdraw staked tokens through the smart contract. However, token-specific lock-up periods will remain in place.
