Hacked Bitcoin Exchange Answers Questions About Altcoin Refunds!

Question: The cyberattack occurred on July 18. Why is the valuation of crypto assets based on the price on July 21?

Answer: The valuation is based on the time when trading was suspended, i.e. July 21, 2024, 20:30 IST. The valuation uses the average prices of CoinMarketCap and selected global exchanges to ensure fairness.

Question: Can I get all my tokens back if they are all in the ‘not stolen’ category?

Answer: Users with 100% of their tokens in the ‘not stolen’ category will get 55% of those tokens back. The remaining 45% will be converted into USDT-equivalent tokens and locked.

This is part of our fair and transparent loss strategy to distribute the impact evenly. The tokens that are deducted are used to rebalance the portfolios of other users who have more than 45% of stolen tokens in their portfolios.

Question: What happens if all the tokens in my portfolio are stolen tokens?

Answer: If your entire portfolio (100%) consists of stolen tokens, we will create a balanced portfolio for the portion (55%) you unlock using a basket of crypto assets. This basket will be derived from the existing assets on the platform.

Question: If I only hold SHIB, will it automatically convert to USDT or will I need to sell and withdraw it?

Answer: SHIB is classified as a stolen token. Therefore, as of 20:30 IST, 21 July 2024, 45% of the value of your #SHIB holdings will be converted and locked into #USDT equivalent tokens. The remaining 55% will be used to create a balanced portfolio with existing crypto assets on the platform.

Question: Why are you locking 45% in #USDT equivalent tokens instead of locking it as it was originally?

Answer: While prices tend to be low in a bear market, they can be high in a bull market, causing significant fluctuations in the value of cryptos. By locking 45% of the value in USDT-equivalent tokens, we provide a stable amount for recovery planning.