EncryptoTel ICO annouces token buyback

Just a quick update from EncryptoTel devs:

We have come to a solution that we believe will be mutually acceptable for all parties: buying back and burning a proportion of ETT using the additional funds collected.

What was the issue?

Well breaching the max market cap which was set at 3 000 000 USD but due to the crowdsale glitch it enden up at 4 500 000 USD...

So now they proposed to us shareholders that they will buy back extenidng shares and burn them.

After our surprise over-funding at the end of the EncryptoTel crowdsale, we have worked to try to find a solution that keeps as many of our stakeholders as possible happy. Initially, we thought we would conduct a vote to see whether we should return the 1 million WAVES to the investor, and never issue those ETT. However, this has flaws: it imposes a one-size-fits-all solution on the whole community, meaning that it would likely upset almost as many people as it pleased.

They are going to put up a buy wall of 200 000 WAVES for one month.

A better solution, we believe, is to set a buywall using a proportion of the additional funds. If holders prefer not to remain in the project, they can exit their investment without loss. However, if they decide they would like to stay on board, believing the additional funding to be a benefit to the project, there is no onus on them to do this. Decisions can be made on an individual basis.

Any tokens bought back in this way will be burned, removing them from the market permanently. (Burning is a straightforward matter — the tokens can simply be sent to a provably unspendable address.)

Red more over here:

https://medium.com/@encryptotel/encryptotel-crowdsale-update-3-a48b495a8de0