CloakCoin responds to Binance delisting


Dear Cloak Community,

The news on Friday about Cloak being delisted from Binance has emotionally shocked me. As CloakCoin’s project manager this is an even harder hit for me because I very strongly identify myself with the project. Binance is a reputable player in the crypto scene. This unsubstantiated and incomprehensible message tarnishes CloakCoin’s reputation in a negative way. I particular, it is perplexing to me that this has occurred when CloakCoin is a V-label verified project on Binance Info. This is the result of regular correspondence and careful observance of any requirements imposed by Binance. Looking back at the regular contact made with Team Binance previously, I hope for a detailed explanation regarding which of the points apply to CloakCoin. Below, I have answered and listed the general motivations of Binance from our point of view.

Commitment of the team to project

Since the project was adopted in 2014, it has been fully funded from our own resources. It is in our own interest to drive the project forward and provide investors with the best possible privacy protection solution. We have participated regularly in events such as the Binance Conference in Singapore. In addition, we are always transparent across multiple channels and regularly share insights with our community on the progress of the project. These include both the regularly filled status reports to Binance as well as the monthly reports of each Cooridnator and other departments proving that all obligations are being fulfilled. Therefore, we see no issue with the team’s commitment to the project!

Level and quality of development activity

All activities are recorded on Github by our devs and currently only stored in a private folder. Our goal is to publish a finished product on GitHub. Both our partners and our community were informed on a monthly basis about the current status of the development.

Network stability

CloakCoin has had a stable, functional and powerful network since the beginning. Cloak was never affected by past PoS attacks. In addition, there were no forks of any kind. The stability of the network is characterized by the blocks which are generated every 60 seconds and since our blockchain started there is no detectable failure of the network.

Public communication

We are in daily contact with the community and report on the current developments of the project. We consider it our duty to inform our community about progress and future plans. All lines of communication are actively operated through all of our social media channels.

Responsiveness to our periodic due diligence requests

As already described, we have always fulfilled all the duties that Binance have assigned to us. We have always delivered the required evidence of progress on time and do not see this point as a meaningful concern.

Evidence of unethical / fraudulent conduct

We reject any allegations of unethical behavior. There is no confrontation with theft, infidelity, fraud or corruption, money laundering or other competition violations. In addition, there is no deviant and counterproductive behavior. We live an open corporate culture and always maintain personal contact with the team and the community. Since CloakCoin is a self-financed project, we cannot be blamed for embezzling funds.

Contribution to a healthy and sustainable crypto ecosystem

CloakCoin has been an integral part of the rapidly growing ecosystem since 2014, helping to facilitate fast, secure and private transactions. In addition, CloakCoin has a finished product that is still being developed and improved. The product itself and the work of the coordinators is a healthy sign that the focus is placed on the expansion of partnerships and adoption.

I would like to reiterate that despite having no ICO, no premine and no raising of venture capital, CloakCoin has managed to build and deliver a working product that has been operating now for almost 4 years. CloakCoin is a robust implementation of proof of stake and a contributor to the PoS Alliance. Thanks to our development of the Enigma Payment System, it is also a unique privacy enhancing technology in that it maintains an auditable total money supply.

Cloak has stood the test of time and although the market cap does not currently reflect the years of hard work, we are more committed than ever as many regions hurtle toward becoming a cashless society, it is now more important than ever that privacy preserving cryptocurrencies enable fungibility and permissionless, peer to peer payments, without intermediaries. A truly private digital equivalent to cash that frees the individual of intrusive surveillance in order to maintain their autonomy and dignity.

I see no clear reasons for the delisting of CloakCoin. The request for a detailed justification from Binance has yet to be answered. Nevertheless, I hope that we will find a positive solution that will satisfy both the team and everyone involved. Finally, I would like to express my sincere gratitude to every member of the project who, despite this phase, stays with us.

We will keep you up to date!

Peace & Love

Stefan Kender - lasvegas83

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