Handling Plan for Users' POOLZ Assets Affected by the Attack
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Dear Huobi Users,
According to POOLZ's official report, the staking contract of the POOLZ project suffered an attack at 03:09 (UTC) on March 15, 2023. As soon as Huobi became aware of the situation, we immediately suspended the deposit, withdrawal, and trading services for POOLZ after confirmation with the project. Additionally, Huobi promptly began discussions with the project about compensating users for any asset losses. To reduce losses incurred by users who purchased POOLZ tokens after the attack, Huobi will support the POOLZ team's compensation plan by issuing a new token called POOLX. The specific handling plan is as follows:
I. Handling of users' holdings before the attack:
According to the official plan, Poolz Finance will issue a new token called POOLX and airdrop POOLX tokens at a 1:1 ratio to users who held POOLZ tokens before the attack (i.e. 03:09:00 on March 15, 2023) and didn't fully sell their POOLZ tokens after the attack. The details are as follows:
Snapshot time: 03:09:00 (UTC) on March 15, 2023
Airdrop ratio: 1:1
Distribution: One-time distribution
II. Handling of users' holdings after the attack:
As a user-oriented exchange, Huobi has secured the best compensation plan for users after multiple rounds of communication with the project team. Under this plan, users who traded and held POOLZ tokens at 04:43:00 (UTC) on March 15, 2023 (after the attack) will receive compensation in the form of POOLX tokens at a ratio of 13:1. Any POOLZ tokens held by users before the attack at 03:09:00 (UTC) on March 15, 2023 will not be included in the compensation calculation. The details are as follows:
Compensation snapshot time: 04:43:00 (UTC) on March 15, 2023
Compensation ratio: 13POOLZ = 1POOLX
Compensation distribution: 30% of total compensation will be distributed as the first compensation, 30% will be airdropped in the second month, and the remaining 40% will be sent in the third month.
Examples explained （I and II ）: [In the following examples, A refers to 03:09:00 (UTC) on March 15, 2023 , and B refers to 04:43:00 (UTC) on March 15, 2023].
If a user's POOLZ balance was 100 at two different times, A and B, the user would receive an airdrop of POOLX based on their holdings of 100 POOLZ at time A at a 1:1 ratio. The holdings at time B will be not compensated.
If a user's POOLZ balance was 150 at time A and 50 POOLZ at time B, the user would only receive an airdrop at a 1:1 ratio of their final holdings of 50 POOLZ from the holdings at time A. The holdings at time B will be not compensated.
If a user held 100 POOLZ at time A and 200 POOLZ at time B, the user will be airdropped at a 1:1 ratio of their holdings at time A, and will be compensated for the (200-100) POOLZ held at time B at a ratio of 13:1.
If a user held 0 POOLZ at time A and 200 POOLZ at time B, the user will only receive compensation for their 200 held at time B at a ratio of 13:1.
Snapshot scope: Spot accounts and grid trading accounts. The POOLZ holdings in sub-accounts will be included in their main account when snapshots are taken.
The snapshot balances do not include the POOLZ assets that have not arrived in the destination accounts, are in the withdrawal process, or are already sold in spot trades at the snapshot time.
Huobi will distribute the airdrops and compensation to the affected users in their spot accounts upon receiving the assets. A separate announcement will be made once the distribution is completed.
III. About services for POOLZ and POOLX
The trading, deposit, and withdrawal services for POOLZ will be resumed only after we confirm with the project team that all related security issues have been solved. Specific arrangements will be announced separately.
The specific time for the opening of trading, deposit, and withdrawal for POOLX will be notified in further announcements. Please stay tuned for updates.
Thank you for your support.
March 28, 2023
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Huobi reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on Huobi. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.