PancakeSwap and ESPL, the E-sports club, have a dispute over “ESPL ARENA” IF0

On February 20, the decentralized trading platform PancakeSwap and the Singapore E-sports club Esports Players League (ESPL) had a dispute over the IF0 conducted by ESPL’s Web3 E-sports platform ESPL ARENA in January. PancakeSwap said on Twitter on February 18 that it would give full refunds to IFO participants based on the dollar value of the funds raised by ESPL ARENA IFO, including the previous 10% air drop; The reason is that the ESPL ARENA team has sold the ARENA token they agreed not to sell, obviously ignoring their own projects and users who support it. PancakeSwap said that its due diligence on the team was insufficient and that it would take measures to improve the due diligence process.

Interpretation of this information:

PancakeSwap and ESPL, a Singaporean E-sports club, have been involved in a dispute related to ESPL ARENA’s IFO conducted in January. PancakeSwap announced on Twitter that it would provide full refunds to IFO participants, including the 10% air drop. PancakeSwap had found that the ESPL ARENA team had sold the ARENA token that they had agreed not to sell, disregarding their own project and supporters. PancakeSwap acknowledged that their due diligence process was insufficient and promised to take steps to improve it.

This dispute revolves around PancakeSwap and ESPL, a Singaporean E-sports club, and their disagreement regarding ESPL ARENA’s IFO, which was conducted in January. PancakeSwap, a decentralized trading platform, has publicly stated that it intends to issue full refunds to IFO participants based on the dollar value of the funds raised by the ESPL ARENA IFO, in addition to the 10% air drop. This goes against ESPL’s assertions regarding the IFO, and is said to show disregard for the project and its users.

The issue is said to have arisen because the ESPL ARENA team sold the ARENA token, which they had agreed not to do. Instead of supporting their project and users, they blatantly undermined them to secure a personal gain. PancakeSwap admits that their due diligence with the team was lacking, and they will take specific actions to improve their due diligence processes.

In summary, PancakeSwap and ESPL have been involved in a disagreement over ESPL ARENA’s IFO. PancakeSwap has announced that it will issue full refunds to participants based on the funds raised by ESPL ARENA IFO, and not only the 10% air drop. However, this move represents a contrast to ESPL’s assertions about the IFO and indicates a disregard for the project and its users. Finally, PancakeSwap acknowledges that their due diligence procedures were insufficient and will take steps to improve them.