Important announcement regarding compensation for PAID Network hack victims (Gate.io compensation program)
To no longer leave affected users in despair, Gate.io has decided to take matters into its own hands. The time has come to reimburse the affected victims of the PAID Network hack.
Gate.io will now take the lead to compensate users affected by the PAID Network hacking incident. Though Gate.io holds no responsibility for the PAID hacking incident, Gate.io takes its core values of Security, Transparency and Integrity extremely seriously. This commitment to users has compelled us to immediately implement a compensation program. This program will aim to offer peace of mind for users who have had to wait under insecure circumstances for over a month.
This announcement is meant for the users who bought PAID tokens during the 4 hours after the hack. These users will be able to apply for a refund from us in advance.
For now, we can say the following about the procedure:
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Those who bought from Uniswap and deposited PAIDv1 to Gate.io after the hack, have already received the PAIDv2 airdrop (onchain). Gate.io has received approximately 380,000 PAIDv2 for the PAIDv2 tokens we held before the hack event. We will distribute all the PAIDv2 to the PAIDv1 holders of Gate.io before the hack event.
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To date the PAID Network team has not provided a solution for the over 1,000,000 PAID of Gate.io traders that were affected because of the PAID Network hacking incident.
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Gate.io will refund all affected users in USDT or ETH, funded entirely by Gate.io before receiving any reimbursement from the PAID network team.
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If a user bought PAID during the hack event between March 6th 2AM UTC+8 to March 6th 6AM UTC+8 that user will be refunded in USDT or ETH based on the net buy amount (buy amount - sell amount) and the average deal price.
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If a user bought PAID at a higher price and then sold it later at a lower price during the hack event March 6th 2AM UTC+8 to March 6th 6AM UTC+8 that user will be compensated with the price difference.
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You will be able to apply for a refund via the following page (https://www.gate.io/en/questionnaire/334)
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This entire compensation process will take up to a month; however, we reserve the right to announce delays at a later stage if necessary. Facilitating a compensation of this scale due to damage caused by a third party, is no easy task. Our aim however is to get it done as soon as possible.
If the PAID team provides an alternative plan for compensation in the future, the users will be able to choose the plan they find the most appealing.
Gate.io apologizes for the delay in communication on this issue. We have tried uninterruptedly to reach a final solution for our valued users since the beginning of this unfortunate incident.
We hope our compensation plan offers affected users some comfort.
Gate.io Team
April 23, 2021
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