Gate.io Notice: $SUN Token Split Lending Situation Clarification And Price Change Risk Alert
According to the official statement from $SUN, the tokens have been split 1:1000. Gate.io halted all trading of $SUN after 12:00 on June 3, 2021, and carried out the 1:1000 split, and made an announcement after the split and re-opened $SUN trading at 18:00 on June 3, 2021.
Announcement of the impact of the market price after the split has been made, and the re-opening of $SUN trading progressed smoothly. Several problems and cautions encountered in the split are explained as follows.
1. The price of $SUN on Gate.io stopped at the price of the last transaction before the suspension. This price will be maintained for value estimation until trading of $SUN is reopened.
2. Before $SUN reopens, the value estimation of $SUN tokens held by users will have a deviation of 1,000 times of valuation display (the valuation of account assets displayed in App and Web) because the price estimation before opening is used, this is the deviation of valuation display and does not affect the quantity and real value of coins held by users. The same happens when ETFs are merged, please be informed.
3. Users who borrowed USDT with collateralized $SUN after the trading of $SUN was suspended and before the split and re-opening of trading will appear to have excessive borrowing amount (up to $20,000) because the price is valued according to the pre-opening price, and getting the correct valuation of $SUN’s price after reopening will result in insufficient collateral, and will need to replenish. According to the statistics, a total of 25 users have made collateral lending after $SUN split, and a total of 6 users have insufficient collateral, and the total outstanding USDT difference is 96965.567062 USDT. Gate.io will fully cover the USDT difference for the user who lent USDT, and the USDT lending user will not incur any loss. You can get a 100% interest bonus, therefore there’s no need to worry about lending security.
Please note that after this token split, the supply of tokens will be expanded to 1000 times of the original token, and the price of $SUN tokens will be 1/1000 times of the original token regardless of other factors. Please be sure to understand the price when trading of $SUN is reopened to not make any mistakes when placing your order.
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Gate.io Team
Jun 3, 2021
