Huobi Pro Notice on WAX Expansion Split
A few days ago, due to the temporary split, the Wax project had led to fluctuations in the users’ assets. Afterwards, we have communicated with the Wax Team, and the announcement is as follows:
“WAX is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing.
The WAX Platform will allow millions of traders to create their virtual stores on one decentralized platform, providing instant payments, security, and trust services that will bring millions of new participants into a growing ecosystem.” (www.wax.io)
After our evaluation, Huobi Blockchain Research Institute identified Wax as a qualified and innovative project according to our SMARTChain model. From aspects of strategic positioning, tokens usage, team strength (including its operation team, consultants team, and investors), market space, project location, and valuation, we thought that it is a feasible project.
After the establishment of the business agreement with Huobi Pro, right before the launch date (issuing at Beijing time at 4:00 AM), the Wax team made the expansion split, and the original total amounts split to ten-fold, about 1.85 billion. In the Medium post, the Wax project announced that the change was for smaller deals which will support more applications in the future. This change was from WAX’s blog, but the WAX team had not informed Huobi Pro through a formal business procedure. At 10:00 AM on December 20th, Huobi Pro, without the knowledge of the change of circumstances, started the issuing in according to the original plan.
Huobi Pro has communicated with the Wax project team on the split event. And the Wax team has indicated that they are willing to compensate users’ loss due to the temporary expansion. Huobi Pro will also make compensation to the users who are affected by this split. And the specific compensation details are still under negotiation.
Huobi Pro has formed a dedicated team to support users who are affected by this incident.
For further assistance, please send the following information to [email protected]
Your User ID
Your WAX trading history screenshot
The WAX project’statement on the token split
Founded for more than four years ago, Huobi Group has always put customer satisfaction as our highest priority. Launched in November,2017, Huobi Pro has been selecting top performing blockchain assets for global users and continuing to provide safe, efficient, high-quality digital asset trading services to millions of users around the globe.
December 25, 2017