Billions Network is facing fresh backlash from the community after revising its token unlocking structure ahead of the Token Generation Event (TGE). This change has frustrated early sale participants who were expecting quick access to their tokens.
The controversy further intensified when Kaito CEO Yu Hu said the Billions team had warned in March that the project’s original unlock plans were causing problems for exchange listing discussions. Hu said the issue centered on the 5.6% first-day launchpad unlock, which reportedly made some exchanges uncomfortable ahead of the listing process.
In the latest update shared on X, participants were given three choices. You can request a full refund, keep your original token allocation with a 25% bonus and 6-month lockup, or keep your allocation with a 50% bonus and 12-month lockup. According to Billions, refunds will be processed on a rolling basis starting May 19th.
Kaito CEO says listing pressure caused change
Hu said Kaito has not benefited from the revised structure and understands why users are dissatisfied. He added that Kaito pushed for the refund option to “make our users whole” after concerns were raised across the community.
However, the changes have drawn harsher criticism because the terms of Billions’ sale had already been adjusted previously. Initially, when general sales began on Kaito’s Capital Launchpad in August 2025, Billions was reportedly valued at $200 million and was aiming to raise more than $5 million.
The original plan was to deliver 75% of the tokens unlocked in TGE, with the remaining 25% released over 12 months. According to reports a few days later, Kaito revised the sale terms by lowering the public sale valuation from $200 million to $100 million and changing the TGE unlock amount from 75% to 100%.
This earlier change made the new lockup structure more sensitive, especially for buyers who expected immediate liquidity.
Billions of identity networks remain under surveillance
Billions describes itself as a “human-AI network” focused on helping users prove their authenticity without revealing their identity. This project uses mobile-first, privacy-preserving validation, and zero-knowledge technology to support trust between humans and AI agents.
The project is also garnering institutional support. It had revealed a total of $30 million in funding from investors including Coinbase Ventures, Polychain Capital, Polygon, Liberty City Ventures, and Bitkraft.
For Kaito, this controversy comes as Capital Launchpad remains a key product within the InfoFi ecosystem. Hu said that Kaito will be speaking with the Billions team again after receiving feedback from the community. For now, the debate is focused on whether refunds and bonus-based lockups will be enough to satisfy participants who say the terms were changed too late.
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