Event Description:
From 04:00 PM UTC on May 29th, 2022 to 05:00 PM UTC on May 29th, 2022, Market makers were unable to provide liquidity <ETF market maker terms> for Hotbit EGLD1D5L/USDT and EGLD1D5S/USDT trading pairs due to significant delays in pushing data from the hedging platform at 00:00 hour. Subsequently, the market price deviated significantly from the net value, which led some users to buy at prices that deviated significantly from the net value during this period.
For accidents caused by the market maker's inability to provide liquidity properly during that period, Hotbit will initiate a compensation process in two parts:
1.Hotbit will conduct asset recovery for users who hold EGLD1D5L and EGLD1D5S at 04:00 PM UTC on May 29th, 2022 according to the maximum peak value of bear and bull net worth of EGLD1D5L and EGLD1D5S before the liquidation time (June 3rd, 2022 UTC).
EGLD1D5L: 1.4293
EGLD1D5S: 1.2862
2. Hotbit will account for users who have trading records in EGLD1D5L/USDT and EGLD1D5S /USDT between 04:00 PM UTC on May 29th, 2022 and 05:00 PM UTC on May 29th, 2022 and the funds of the relevant users will be recovered in according to the following rules
Situation 1. If the user has no sell action but only buy action, it will be directly recovered according to the user's buy price during processing
Situation 2. If a user has a sell action, it will be handled as follows.
a. If the user has a profit due to the sell of EGLD1D5L and EGLD1D5S, the current remaining position will be recovered based on the buy price only.
b. If the user has a loss due to the sell of EGLD1D5L and EGLD1D5S, the current remaining position will be recovered based on the buy price and the user will be compensated for the loss resulting from the transaction.
c. Users whose trading amount are greater than 50USDT between 04:00 PM UTC on May 29th, 2022 and 05:00 PM UTC on May 29th, 2022 will be compensated with an extra 50 USDT.
The compensation will be completed within 7 working days. If you have any questions, please submit a support ticket to us.
Update:
The compensation is complete at 11:30 AM UTC on June 10th. User could check USDT in system deposit page.
Click Here to submit support tickets
We apologize for the inconvenience caused, and thank you for your support to Hotbit!
Special reminder from Hotbit: Users are advised to exercise caution when choosing to trade with full knowledge of market fluctuations and potential risks.
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Hotbit team
June 3rd, 2022
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