Looking Back at WELL3's Bizarre Launch: Users Unable to Claim Tokens, Yet Secondary Market Price Drops Over 60%
TechFlow Selected TechFlow Selected
Looking Back at WELL3's Bizarre Launch: Users Unable to Claim Tokens, Yet Secondary Market Price Drops Over 60%
Token distribution has been repeatedly delayed, with some tokens requiring up to two years to unlock, leaving various users collectively stranded.
Navigating Web3 tides with focused insightsBy Asher, Odaily Planet Daily
WELL3, originally scheduled to launch its token in Q1, finally announced yesterday at 6 PM that it would be listed on three exchanges: Bybit, Bitget, and Gate.io. For "airdrop farmers," despite the less-than-ideal timing and failure to list on Binance as expected, there was still some hope of recovering part of their invested effort—so at 5:30 PM yesterday, when users prepared to claim their airdropped tokens, there was still a glimmer of anticipation.
However, an unexpected incident occurred. While the secondary market opening time remained unchanged, the token claiming time was first delayed from 5:30 PM to 5:45 PM, then pushed further to 8 PM—and ultimately, users still couldn't successfully claim their tokens. This delay sparked widespread frustration among the airdrop farming community on social media:
-
"This WELL3 project that everyone rushed into online is finally distributing airdrops, but after completing all these tasks, we haven’t received a single token. The team has already run away."
-
"WELL3’s airdrop has been dubbed the most unethical in history. The official X account said claims would open at 8 PM, but before it even opened, the WELL token had already crashed over 60% on CEXs. Who's dumping?"
-
"Claims were supposed to open at 8 PM, but when the time came and I entered the website, nothing opened. Instead, the public sale was live—and required paying real money! The funniest part? Someone found out they had to buy $200 worth of tokens with a 24-month vesting period! And every claim costs $18 in gas!"
-
"Before 8 PM, there were only 10 WELL token holders, mostly exchange hot wallets and market makers. Who exactly is dumping here, leaders?"
-
……
For this WELL token listing, both YogaPetz NFT holders and public sale participants are operating at a loss based on the price at which they obtained the tokens. Even more frustrating, the distributed tokens aren't fully unlocked upon receipt—some require a two-year vesting period, making the situation a case of “loss upon loss” in terms of opportunity cost.
Below, Odaily Planet Daily will walk you through the bizarre rollout of the WELL3 project.
Project Overview
Image source: Official X
WELL3 is an innovative Web3 health platform founded by crypto KOL "Keungz," aiming to revolutionize the way health data is managed. By integrating cutting-edge technologies such as decentralized physical infrastructure networks (DePIN), decentralized identity (DID), and advanced AI analytics, WELL3 offers a unique health and wellness solution. The platform ensures the security and privacy of health data while incentivizing active user participation.
In terms of funding, WELL3 has received support from numerous strategic partners, including Animoca Brands, Samsung, AWS, Fenbushi Capital, and Spartan Group.
Platform data shows that WELL3 has attracted 900,000 users and 530,000 unique wallet addresses. The platform has facilitated 17 million transactions, with a total value locked (TVL) of $55 million. Additionally, over 324,000 users hold NFTs within the WELL3 ecosystem.
In its early stages, the WELL3 project generated significant buzz, had a solid user base, and combined the promising concept of "health + AI." So how did things go so wrong?
The Strange Events Surrounding the WELL Token Launch
According to prior official announcements, WELL tokens were set to go live at 6 PM yesterday on Bybit, Bitget, and Gate.io. Public sale participants and NFT holders were supposed to claim their tokens starting at 5:30 PM and transfer them to exchanges afterward. However, the team’s subsequent actions proved to be exceptionally unusual—even by crypto industry standards.
First, around 2 PM yesterday, a Discord announcement stated that the token claim time would be delayed to 5:45 PM. While not ideal, this wasn't too concerning for community members—the delay was minor, and as long as claims opened before the exchange listing, it seemed manageable.
Token claim time delayed to 5:45 PM
Then, at 5:42 PM, instead of announcing the imminent token claim, WELL3 published a lengthy post outlining the future roadmap for the WELL token. Shortly after, at 5:45 PM, community members used the official page to refresh repeatedly—but could not find any claim interface. Suddenly, many users began asking in the replies how to claim their tokens, yet the official team did not respond to a single message.
Only 10 holder addresses at 6 PM market open
Then, at 6 PM, the secondary market opened. With no one in the entire community having claimed any tokens yet, WELL’s price briefly spiked near $0.023 before crashing over 60% in a short time—all while millions of tokens traded on the secondary market.
Token price continued to drop after launch
Response to Controversy Over Token Claims
Given the growing anger on social media—community members demanding answers: “If no one claimed the tokens, why was there massive selling pressure?”
Community members accuse WELL3 team of dumping
In response, WELL3 founder Keungz posted on X: "We sincerely apologize for the delay in the claiming website today. The rumors of '6 million tokens being sold at $80 per unit' are completely false—if true, WELL’s market cap would exceed the entire cryptocurrency market."
Keungz’s response to the allegations
While the reported 6 million tokens listed at $80 was likely just placeholder order book data rather than actual circulating supply, Keungz failed to explain why the token price plummeted immediately at launch despite no community claims. Community anger reached boiling point, with some members even exposing information about the founder’s company location.
Whether retail investors who bought on the secondary market, participated in the public sale, or held YogaPetz NFTs—all were left holding bags. “This one really hurts.”
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
Odaily
