We are pleased to announce that Red Kite will use a new refund policy for all IDOs from now on. There are two major updates to this mechanism: tier refund and 48-hour refund. The policy's detailed information is provided below.
Red Kite will implement a refund policy based on the users’ tiers. Each tier has a different time frame for submitting refund requests:
- Dove: 3 hours after listing time
- Hawk: 5 hours after listing time
- Eagle: 12 hours after listing time
- Phoenix: 24 hours after listing time
A project’s listing time is 10:00 UTC, Nov 25, 2022.
➡️ The refund request period for each tier is as follows:
- Dove: 10:00 UTC - 13:00 UTC, Nov 25, 2022
- Hawk: 10:00 UTC - 15:00 UTC, Nov 25, 2022
- Eagle: 10:00 UTC - 22:00 UTC, Nov 25, 2022
- Phoenix: 10:00 UTC, Nov 25 - 10:00 UTC, Nov 26, 2022
Users who haven't yet claimed any tokens will get 100% of their money back if the token's price drops below the IDO price after 48 hours from the listing time.
This term remains in effect even if you don't submit a refund request during the tier refund time frame mentioned above.
The new refund policy will take effect on December 1, 2022 and will apply to all IDOs from that date forward.
🔑 Additional terms and conditions of the new refund policy
🔸 Users and investors who successfully purchased tokens but haven’t yet claimed any tokens are eligible to request a refund.
🔸 The refund request period for users without tiers (such as those joining community pools, etc.) is the same as for the Dove tier (3 hours from the listing time).
🔸 The refund function is only available to pools where users and investors claim tokens via the Red Kite launchpad. Pools with the claim type “Airdrop” or claiming through other projects’ websites are not eligible for refunds.
🔸 Refund requests are only applied for pools with the same Swap & Claim networks. (E.g., BSC — BSC, ETH — ETH, etc.)
- Refund decisions are up to the users. Users are supposed to take responsibility for their actions.
- You will not be eligible for a refund if you have claimed a part of the tokens.
- Your request must be submitted within the refund request time. If you do not request a refund, your status will be changed to “Not Request Refund” (excluding the mentioned 48-hour refund case).
The new IDO refund function will be officially applied from December 1, 2022, for all IDOs on the Red Kite launchpad. To develop the best possible policy, we evaluated the market's existing conditions and listened to community feedback. As a result, let's periodically update the information regarding TGE or token listing time and proactively ask for a refund within the allotted time. If you miss your refund period, we are regrettably unable to deal with this matter.