After negotiation with the MXP project party, HBTC will compensate MXP traders the asset loss caused by MXP trading, please see the compensation plan as follows:
All users bought MXP and suffer asset lost;
1. HBTC will check all the transactions from 16:00, September 7 (trading starting time) to 17:40, September 8 (trading suspension time);
2. Rollback the profits in market value management accounts and compensate users proportionately; MXP project party can withdraw all the USDT principal deposited into its market-making account after deducting the profits from market making;
3: Compensation method: return all MXP tokens in users’ account that they bought to MXP project parties; the asset loss caused by MXP purchase will be refunded by:
All losses of the user/total compensation for all users* profits from maker making;
User’ losses formula:
Total losses=purchase cost- asset from sold out
User A: spent a total of 100 USDT for purchasing MXP, and still have all MXP tokens in his/her account without selling out, so the total asset loss is 100USDT;
User B: spent a total of 100 USDT for purchasing MXP, sold part of MXP for 10 USDT, so his/her total asset loss is 90USDT;
User C: spent a total of 100 USDT for purchasing MXP, and sold them all for 50 USDT, so his/her total asset loss is 50USDT.
The compensation will be allocated to users within 10 working days due to massive data and workload.
The later MXP execution plan
Considering the MXP trading risks, HBTC has reached an agreement with the MXP project party, to shut down the MXP trading permanently; MXP tokens depositors are suggested to withdraw their MXP tokens before September 20, 2020.
September 9, 2020