Dear Hotbit users,
Due to the fact that PAPA program affected by massive arbitrage and warmup snapshot issues, Hotbit has previously suspended the PAPA deposit, withdrawal and trading functions.
After many days of discussion with the PAPA DAO Team, it was decided that PAPA users will be compensated for the recovery based on the following rules:
1. Hotbit will take a snapshot for Hotbit users who hold PAPA based on the time point that officially announced by the PAPA Team on January 30, 2022 at 05:36 UTC 2022.
2. Based on the snapshot mentioned above, Hotbit will compensate Hotbit users who meet the snapshot requirements at a ratio of 1 PAPA : 0.502 MIM. (Hotbit has completed the MIM compensation at 09:07 AM UTC on February 21st, 2022. Related users can check their MIM funds)
3. The compensation is expected to be implemented by February 23rd, 2022. We will post a notice in the community, so please keep follow our notice on Hotbit community.
Hotbit Team
February 18th, 2022
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