Huobi Pro has approached WAX project team regarding the distribution issue of 10x number the WAX tokens. The WAX team has agreed to work with Huobi Pro to compensate users for the losses caused by the incident mentioned above.
The communication is delayed due to the ongoing public holiday in the United States. While Huobi Pro put our customers satisfaction as our highest priority, we decided to take the first move to initiate 100% compensation to cover users’ losses.
The range of Compensation:
All users who traded WAX in Huobi Pro (except users who made only WAX deposits in Huobi Pro)
1. We will calculate all trades transacted from 10:00 (opening hours) on December 20, 2017 until 14:00 on December 26, 2017;
2. Compensation Amount = Cumulative Buy Amount (BTC Market) – Cumulative Sell Amount (BTC Market) + Cumulative Buy Amount (ETH Market calculated in BTC) - Cumulative Sell Amount (ETH Market calculated in BTC) + WAX Balance *0.00005427BTC.
(Price of WAX and ETC are based on the price of 26th December 2017 at 14:00; ETH=0.049177 BTC; WAX=0.00005424BTC)
3.Please note that we will not snapshot your WAX balance. If you have requested compensation, please keep track and safeguard your WAX holdings until the compensation is made.
In short, Huobi Pro will compensate 100% of your losses.
Please submit your UID, WAX trading history records, total loss and WAX balance to support@Huobi Pro. (Email Subject Format: Wax_Email/Handphone No._UID)
Compensation Time Frame:
Due to an enormous amount of statistical calculation and verification involved, we could only finish compensating by 31st January 2018. You will be notified via email when your compensation is completed.
As the communication process with Wax Project Team is still progressing, we will temporarily suspend Wax deposits. We understand that such incident was not deliberately curated and it was merely due to miscommunication, so trading of Wax will not be suspended.
Commencing from the date when the announcement is made, for Wax traders, please beware that the total token released by Wax in white paper has already changed from 185 million to 1.85 billion. Wax Investor in the later stage have to bear full responsibility for your profit and losses and invest at your own risk. Huobi Pro has done our due diligence to notify and make appropriate risk reminder, and we are not liable for any losses caused by your investment activities.
As a part of Huobi Group, Huobi Pro has become one of the global leading cryptocurrency exchange since 2017 November. Huobi Pro adheres to our mission of selecting only quality digital assets and serve global investors.
Huobi Blockchain Research Institute has developed the first evaluation model for blockchain based assets, and now it is the go-to evaluation model in the crypto industry. In the past two months, Huobi Pro has listed 38 new assets, and the assets achieved an average growth of 107.4%.
Huobi Pro always uphold the “customer first” philosophy to further ensure the safety and benefit of investors. Thus, the below amendments are added:
1. Establish Eligible/Qualified Referrals System
Huobi. Pro will collaborate with the world-renowned blockchain investment funds and project team to establish an independent and qualified referral system. For new assets to be listed on Huobi Pro, minimum three qualified referrals are required.
2. Huobi Pro Investor Protection Fund
Huobi Pro will immediately terminate the free listing policy. All new projects will have to pay a certain percentage of up-front deposits, all of which will go to Huobi Pro Investor Protection Fund. The function of the fund is to protect users from losses caused by non-investment related factors and also force majeure. Huobi Pro vows to ensure investors’ fund safety, maintain market stability and protect the interests of investors.
3. Development of “Professional Trading Zone” to establish Investor Access System
As the global blockchain projects are developing, Huobi Pro will try our best to conduct due diligence on each project and to provide accurate investment evaluation. However, investors may miss the opportunity for potential projects due to Huobi Pro’s misjudgment. Huobi Pro will change current listing mechanism from audit system to registration system. Huobi Pro will carry out a more stringent categorization on trading board by introducing “Professional Section” and establish Investor Access System. For projects in “Professional Section,” Huobi Pro will only carry out authenticity and legitimacy assessment of the project without investment evaluation. Huobi Pro will set up Investor Access System’s standards according to users’ net assets and trading experience.
4. Enhancement of Public and Risk Reminding Announcement and Organization of Investors’ Education Activities
Huobi Pro will further enhance the announcement of Public and Risk Reminder, and at the same time, organize big scale investors’ Education Activities to raise users’ awareness on investment decision and network security. The specific measures are still under development, and it will be announced at Huobi Pro’s official website once it is ready. As the subsidiary brand of Huobi, Huobi Pro vows to uphold Huobi’s customer-centric approach, Huobi Pro hopes to work closely with investors, project teams and partners to optimize the performance of Huobi Pro platform, to promote the development of blockchain industry and most importantly, to create values for the industry and investors.
Remark: GMT+8 Beijing Time is the time zone applied in the announcement.
December 26th, 2017