Qubetics crypto price collapses 97% amid airdrop turmoil

TICS, the crypto behind the blockchain protocol Qubetics, crashed after technical issues plagued its airdrop launch.

High-tech blockchain projects are only as strong as the confidence in their technical teams. On Thursday, July 31, the Qubetics (TICS) team addressed the botched airdrop that caused the token to crash 97%.

The team acknowledged “critical errors” in the vesting contract during the live airdrop launch. However, the team denied direct responsibility, placing the blame on an outsourced development team, Antier, which was allegedly in charge of the vesting contracts.

“We would like to stress that this issue was not in the core team’s control, but instead, we relied upon the outsourced team with all the assurances that had been provided within our due diligence,” Qubetics’ statement wrote.

The team promised a full report on the issue and said all eligible wallets would receive the full allocation of tokens. Qubetics also emphasized that it remains committed to its roadmap to build a layer-1 network aggregating the Web3 ecosystem, including Bitcoin, Ethereum, and Solana.

What happened with the TICS crypto aidrop

On July 30, the team planned to unlock and distribute 10% of the tokens immediately, with the remaining 90% unlocked over the next 90 days at a rate of 1% per day. Following the launch, the token initially surged 950% to $2.16 at its peak.

However, technical issues soon emerged. Multiple users reported receiving significantly less than 10% of their allocation, which the team later confirmed. Observers also noted that the 1% daily vesting schedule contributed to heavy selling pressure, accelerating the token’s collapse.