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We typically categorize websites as potentially fraudulent for several reasons:
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Their official site text
2023-03-20
Today, several centralized exchanges are operating with no transparency. Although DEX are growing in numbers, there will always be a need for fiat on-ramps. InfinityBit Exchange is a CEX that intends to offer the transparency of a DEX. The InfinityBit Exchange has developers all around the world, with the core developers and team members based in Palau, Canada, and Italy. InfinityBit.io will be the first CEX to feature complete on-chain verifiable trade executions, deposits, and withdrawals. This enables everyone the capability to audit the exchange at any time. This whitepaper serves to explain the underlying smart contract of the IBIT token.
InfinityBit Token (IBIT) does not provide any ownership of the InfinityBit Exchange, instead it acts as a token which will enable reduced fees and other benefits on the exchange.
Tokenomics
Token Supply
10,000,000,000 Initial Supply
43% Burn
20% Initial Liquidity Pool (LP)
15% Private Sale
10% CEX Token Listing
9% Reserved LP
3% Partnerships
IBIT v1 was initialized with a mint of 10,000,000,000 and a hard-coded maximum supply of 10,000,000,000. IBIT v2 was initialized with 5,700,000,000. There is no way to mint any additional coins in the smart contract. On February 14 at 7:00 PM UTC, a private sale was held where IBIT tokens were offered for sale at 250,000,000 IBIT = 1 ETH. The maximum wallet during the private sale was 50,000,000 IBIT. It is worth noting that this sale was not available to US persons.
On February 15th at approximately 7:00 PM UTC, the smart contract was deployed and all who participated in the private sale received their purchased tokens. Next, 43% of the supply was burned, reducing the total supply to 5,700,000,000 IBIT. A liquidity pool (LP) was then initialized at Uniswap V2 Router with 20% of the initial supply, which is 2,000,000,000 IBIT tokens and paired with all of the ETH from the private sale.
The V1 smart contract had a built-in “Anti-Snipe” function. This function locked the IBIT tokens of any wallet address which purchases the token before 30 blocks have passed since the deployment. The V2 smart contract does not implement Anti-Snipe functionality.
On March 20, 2023, at approximately 10:00 AM UTC, one billion tokens were paired with 11 ETH on Uniswap V2 to match the V1 liquidity pool. All holders of the IBIT v1 smart contract were airdropped after the V2 contract deploy. An additional 9% of the supply will be reserved to add additional LP to the Uniswap V2 Router at an undetermined time in the future, as determined appropriate by the core developers. Additionally, 10% of the supply will be reserved for future CEX liquidity, including listing on the InfinityBit exchange. Finally, 3% of the supply will be reserved for partnerships with marketing firms and influencers.
Wallet size will be limited to a maximum of 125,000,000 IBIT, which is approximately 2.2% of the total post-burn supply. This ensures more even distribution of IBIT amongst wallets. The V2 smart contract contains functionality to disable the maximum wallet.
Token Taxes
InfinityBit Token (IBIT) has taxes on transfers, Decentralized Exchange (DEX) buys, and DEX sells. These taxes will be used for marketing and development of the InfinityBit Token (IBIT) token. Taxes are adjustable in the smart contract but cannot exceed 5% total, as there is a hard-coded 5% maximum total tax. Taxes are automatically swapped to ETH when swapThreshold is reached with the swap amount limited to swapLimit, these are both limited to a maximum of 5% of the liquidity pool tokens. The LP tax will automatically add liquidity to the liquidity pool. The contract has a built-in tax tracking functionality. The contract address is a dead address where the total taxes collected (in tokens) can be easily viewed by checking the contract address balance. These tokens are completely dead and not part of the circulating supply.
3% Marketing & PR Tax
The marketing and PR tax will be used for influencer and media partnerships as well as for funding the community management team.
1.8% Development Tax
The development tax will be used for developing an IBIT cross-chain bridge as well as future token capabilities.
3% Marketing & PR Tax Wallet
0xd1CB9007D51FB812805d80618A97418Fd388B0C5
1.8% Development Tax Wallet
0x02DAb704810C40C87374eBD85927c3D8a9815Eb0
Marketing & PR Tax Wallet (Legacy / V1)
0xA6e18D5F6b20dFA84d7d245bb656561f1f9aff69
Development Tax Wallet (Legacy / V1)
0x9d0D8E5e651Ab7d54Af5B0F655b3978504E67E0C
Token Utility
AI-Powered Automated Trading System
InfinityBit Exchange is developing an artificial intelligence (AI) powered automated trading system. This system will be capable of executing automated trades of cryptocurrency pairs on the InfinityBit Exchange
