Announcement about the handling of YFII1D5L, YFII1D5S and YFII1D3S in the fourth week of May

Event description:

Between 05:00 AM (UTC) on May 25, 2022, and 07:00 AM on May 27, 2022, ETF market makers are unable to provide liquidity 《Terms of market makers on the ETF area》due to severe market shocks, which leads to the market prices of YFII1D5L/USDT, YFII1D5S/USDT, and YFII1D3S/USDT deviated significantly from the Net Value, and some users made purchases at prices multiple times over the net value during that period.《Detailed explanation of the YFII1D5L, YFII1D5S and YFII1D3S events》

Because of the failure of the market makers to provide liquidity during this time period, Hotbit will start paying compensation in two parts:

1. Hotbit will directly distribute the USDT of the corresponding asset value to users who hold YFII1D5S and YFII1D3S assets at 04:44 AM on May 25, 2022 (UTC ) at the peak of the maximum Bear net value of the ETF product at that time.

YFII1D5S: 14.51395

YFII1D3S: 2.40592

2. Hotbit will calculate ETF trading pairs YFII1D5L / USDT, YFII1D5S / USDT, and YFII1D3S / USDT who traded between 05:00 AM on May 25 (UTC ) in 2022 to 07:00 AM (UTC ) on 27 May 2022, a determination will be made based on the following formula, and a result of a positive value will pay out the corresponding USDT.

Amount of loss = Purchase amount during the period-Sale amount during the period

(Time end position-Time start position x 0.1^ number of mergers) x time-end net value

At 07:00AM, May 27,2022 (UTC) Net value:

YFII1D5L: 0.05454

YFII1D5S: 0.18475

YFII1D3S: 0.18252

The compensation work will be completed within 7 working days. Please submit a support ticket if any questions!

Sorry for any inconvenience. Thank you for your support of Hotbit!

Note: Please trade carefully with a full understanding of market fluctuations and potential risks.

About leveraged ETF, for more details: Leveraged ETF FAQ

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