Billions Faces Backlash Over Last-Minute Token Unlock Changes

• Billions revised its token unlock terms before TGE, frustrating early sale buyers.
• Kaito CEO Yu Hu said exchange-listing pressure pushed Billions to adjust the plan.
• Refunds and bonus lock-ups now define the dispute as users question late sale changes.

Billions Network is facing fresh community backlash after revising its token unlock structure before its Token Generation Event (TGE). The change has frustrated early sale participants who expected quicker access to their tokens.

The dispute intensified after Kaito CEO Yu Hu said the Billions team had warned in March that the project’s original unlock plan was creating problems in exchange-listing discussions. According to Hu, the issue centered on a 5.6% day-one launchpad unlock, which reportedly made some exchanges uncomfortable ahead of the listing process.

Under the latest update shared on X, participants were given three options. They can request a full refund, keep their original token allocation with a 25% bonus and a six-month lock-up, or keep their allocation with a 50% bonus and a 12-month lock-up. Billions said refunds will be processed sequentially from May 19.

Kaito CEO Says Listing Pressure Drove the Change

Hu said Kaito did not benefit from the revised structure and understood why users were frustrated. He added that Kaito pushed for the refund option to “make users whole” after concerns grew across the community.

However, the latest change has drawn sharper criticism, as Billions’ sale terms had already been adjusted before. Initially, when the public sale launched on Kaito’s Capital Launchpad in August 2025, reports said Billions was valued at $200 million and aimed to raise more than $5 million.

The initial plan offered 75% of tokens unlocked at TGE, with the remaining 25% released over 12 months. Days later, reports noted that Kaito revised the sale terms by cutting public sale valuation from $200 million to $100 million and changing the TGE unlock amount from 75% to 100%.

That earlier shift has made the new lock-up structure more sensitive, especially for buyers who expected immediate liquidity.

Billions Identity Network Remains Under Scrutiny

Billions describes itself as a “Human and AI Network” focused on helping users prove they are real without revealing their identity. The project uses mobile-first, privacy-preserving verification and zero-knowledge technology to support trust between humans and AI agents.

The project has also attracted institutional backing. It had disclosed $30 million in total capital funding from investors, including Coinbase Ventures, Polychain Capital, Polygon, Liberty City Ventures, and Bitkraft.

For Kaito, the controversy comes as Capital Launchpad remains a key product within its InfoFi ecosystem. Hu said Kaito plans to speak with the Billions team again after community feedback. For now, the debate centers on whether refunds and bonus-based lock-ups are enough to satisfy participants who say the terms changed too late.

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