Recall Foundation to Shut Down, Burn 358.6 Million RECALL Tokens With No Buyback

The Recall Foundation will shut down operations and burn about 358.6 million RECALL tokens it holds. Token holders will not receive a buyback or any distribution of remaining assets.

The foundation said on Oct. 30 that it had concluded it was not commercially viable to continue development after reviewing protocol adoption, operating costs and growth prospects. It added that the decision was not related to a hack or security incident. Recall is a project that evaluates the performance of AI agents and issued the RECALL token in October last year.

The foundation plans to burn tokens it directly holds or controls by sending them to an unrecoverable address. The tokens include treasury holdings and ecosystem support allocations, accounting for 35.86% of total supply. Tokens staked by users are excluded.

It will also halt software development, operational support and liquidity provision. It will not conduct token purchases or buybacks. There are no plans to issue new tokens or carry out an airdrop. Whether RECALL continues trading and remains listed will be decided by each exchange. South Korean exchange Bithumb announced the same day that it had designated Recall as a cautionary trading item.

The foundation has about $3.7 million remaining in stablecoins and fiat currency. It plans to pay $3.45 million to creditors and vendors, and use $200,000 for legal, security and liquidation costs. The remaining $50,000 will be held in reserve for any additional claims.

Users will still be able to withdraw staked tokens through the smart contract. Lockup periods set for each token, however, will remain in place.