Recall Foundation announces shutdown, will burn approximately 35.86% of token supply

October 31: Recall posted on X that the Recall Foundation's board of directors has decided to shut down the foundation, concluding after assessing protocol adoption, operating costs and growth prospects that continued development is not commercially viable — the decision is not the result of a hack or security incident. The foundation will burn approximately 359 million RECALL under its control, about 35.86% of total supply; token holders will receive no distribution, redemption or buyback. The foundation's remaining roughly $3.7 million in funds will be used to repay creditors and cover liquidation costs. app.recall.network will become read-only starting November 30, and the foundation expects to complete liquidation in the first quarter of 2027. Separately, according to a Bithumb announcement, because the Recall Foundation announced the end of project operations, Bithumb has designated RECALL as a trading caution item and suspended deposits as of 6:30 today.