Crypto exchanges Binance, Bybit, and Bitget all refunded customers hoping to gain access to a tokenized version of SpaceX (SPCX) shares on Friday as Elon Musk’s rocket company saw its price rise amid massive hype.
The crypto firms returned the customer funds after xStocks, the tokenized equities platform, was unable to secure allocations of the underlying shares, they said.
Binance similarly indicated that as a result of unspecified circumstances outside its control, it would have to cancel its SPCXx—the SpaceX pre-IPO token from xStocks—campaign.
Due to unforeseen market circumstances, we're unable to secure and distribute the allocated SPCXx for this IPO.
“Protect users when things don't go as planned,” Binance founder and former CEO Changpeng “CZ” Zhao posted on X.
In addition to refunding the subscribers, Binance is distributing $1 million worth of SpaceX shares via bStocks—its newly introduced tokenized securities offering—equally to those who participated in the SpaceX pre-IPO campaign. Bybit is also providing participants with an additional interest reward for funds held during the campaign.
A representative for xStocks did not immediately respond to Decrypt's request for comment, nor did it publicly comment on the incident.
However, disclaimers posted by the firm on X indicate that SPCXx, its version of pre-IPO tokenized SpaceX shares, did not guarantee an allocation.
