๐ First hard hit (and kinda unfair) for xStocks and the RWA hype.
Why did folks try to scam the presale?
SpaceX debuted today on Nasdaq with SPCX. The real shares surged hard at the open.
Several exchanges opened subscriptions for SPCXx (tokenized via xStocks):
- Binance Wallet
- Bybit
- Bitget
- Kraken
- BitMart
They promised 1:1 access backed by real shares for retail crypto.
The problem:
Crypto demand was insane: hundreds of millions got locked up in just a few hours.
But xStocks didnโt secure enough allocation from the underwriters (the banks handling the real IPO).
There weren't enough real shares to tokenize โ massive cancellations.
They raised way more money than they could tokenize.
Outcome:
- Bybit, Bitget, and Binance Wallet: full refund + bonuses/airdrops for compensation.
- Many users ended up with almost nothing or ridiculous amounts.
- Only a few (like BitMart or the on-chain versions on Solana) delivered decent allocations.
People are complaining about "scams" on X.
Now, I donโt quite get the complaint because in crypto, we know and are used to presales being by allocation, and thereโs usually overflow (it was oversold).
As always, they deliver the allocation they could get and refund the rest. No one loses money.
Itโs always been this way in crypto.
And itโs totally fine that they only sell what they could tokenize with 1:1 backing.
It doesnโt make sense for xStocks to tokenize more than what they actually back. They wonโt do that because it would break the whole RWA system.
The tokenization of shares isnโt going to change how the traditional IPOs and presales operate.
Sorry, but I donโt see the point in the overflow complaint. Itโs a common thing in crypto and in presales.
But if users are right that this wasnโt explained regarding allocation and all the marketing was about accessing the 1:1 allocation,
The message was about a secure allocation, and thatโs misleading communication.
#xStocks #SpaceX