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Announcements
Gate.io Announcement Regarding LUNR for BUZ Swap Ratio Correction
Gate.io Announcement Regarding LUNR for BUZ Swap Ratio Correction
2024-08-20 15:49:32 UTC
7684 Read
BUZ/USDT
+ 0.32%
Gate.io has always been committed to providing users with the most secure and user-friendly crypto custody, trading, and wallet services. As the crypto industry keeps evolving, we keep expanding our coverage and providing additional services to cater to new needs in the ever-changing crypto industry, facilitating token swap and migration is one of them.
To simplify the token swap and migration procedures for users, we have been helping token swap and migration for any project listed on Gate.io when needed. Leveraging our technical power and platform advantage, we have helped users through token swap for various blockchain projects effortlessly and safely over the years, preventing crypto holders from potential loss of assets due to lack of technical knowhow or missing out the deadline.
In the LUNR for BUZ swap event, our team responded quickly and completed the token swap for all users. However, due to an error in swap ratio, more BUZ were incorrectly credited to users balance. When we identified this issue, we took immediate action to rectify it to avoid potential impact on BUZ community. We also made a compensation plan for our users who bought BUZ at spot market.
Measures taken to rectify
1. Rectify the swap ratio
Rectified the swap ratio from 1:1 to the correct one: 10 LUNR =1BUZ
If you had LUNR at snapshot time, you will see a deduction of your previous incorrect BUZ swap record and an addition of the new correct swap record. If you did not have LUNR at snapshot time, your account records are not affected.
2. Rollback BUZ Trades
Rollbacked all BUZ trades at BUZ/USDT spot market to bring BUZ and USDT and trading fees paid back to their respective users.
For BUZ token buyers, you will see BUZ tokens bought deducted and USDT payment returned.
For BUZ token sellers, you will see BUZ tokens sold returned and USDT received from the buyer deducted.
3.For BUZ Deposited/Transferred in
For BUZ tokens deposited or transferred in (including Push transfer or using GateCode), these tokens will not be reduced as a result of the token swap ratio correction. Users can trade them when the BUZ market is resumed.
4 For Account with Excessive BUZ Token Transfer-Out
If you transferred excessive BUZ (BUZ you actually do not own or no longer own after trades rollback) to another account (including using GateCode,or account transfer), there will be a negative BUZ balance in your account after the swap ratio correction and trades rollback. Please just transfer back or deposit BUZ to make up the difference.
Points to BUZ Net Buyer for Compensation
Until the market suspension, for every USDT net BUZ token buy at USDT/BUZ spot market, 1 point is given as compensation (1 Point can be used to pay 1 USDT trading fee at Gate.io. ) Points will be distributed to eligible users within 3 working days.
Net BUZ Buy Volume (USDT) = BUZ Buy Volume (USDT) - BUZ Sell Volume(USDT)
Example: if user A bought BUZ at USDT/BUZ spot market with a total of 1000 USDT, and sold BUZ for a total of 200 USDT, the net BUZ buy is 1000-200=800 USDT. User A will get 800 Points.
BUZ/USDT Market Reopen：
BUZ/USDT spot market will reopen on August 22, at 08:00 UTC
Should you have any further questions, please contact our 24/7 customer support. Thank you for your understanding and continuous support.
Gateway to Crypto
Trade over 1,700 cryptocurrencies safely, quickly and easily on Gate.io
Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
GateVIP Twitter: https://twitter.com/Gateio_Inst
Telegram: https://t.me/gate_zh
API Telegram: https://t.me/gateioapi
Instagram: https://www.instagram.com/gateioglobal
Medium: https://gateio.medium.com/
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
August 20, 2024
To simplify the token swap and migration procedures for users, we have been helping token swap and migration for any project listed on Gate.io when needed. Leveraging our technical power and platform advantage, we have helped users through token swap for various blockchain projects effortlessly and safely over the years, preventing crypto holders from potential loss of assets due to lack of technical knowhow or missing out the deadline.
In the LUNR for BUZ swap event, our team responded quickly and completed the token swap for all users. However, due to an error in swap ratio, more BUZ were incorrectly credited to users balance. When we identified this issue, we took immediate action to rectify it to avoid potential impact on BUZ community. We also made a compensation plan for our users who bought BUZ at spot market.
Measures taken to rectify
1. Rectify the swap ratio
Rectified the swap ratio from 1:1 to the correct one: 10 LUNR =1BUZ
If you had LUNR at snapshot time, you will see a deduction of your previous incorrect BUZ swap record and an addition of the new correct swap record. If you did not have LUNR at snapshot time, your account records are not affected.
2. Rollback BUZ Trades
Rollbacked all BUZ trades at BUZ/USDT spot market to bring BUZ and USDT and trading fees paid back to their respective users.
For BUZ token buyers, you will see BUZ tokens bought deducted and USDT payment returned.
For BUZ token sellers, you will see BUZ tokens sold returned and USDT received from the buyer deducted.
3.For BUZ Deposited/Transferred in
For BUZ tokens deposited or transferred in (including Push transfer or using GateCode), these tokens will not be reduced as a result of the token swap ratio correction. Users can trade them when the BUZ market is resumed.
4 For Account with Excessive BUZ Token Transfer-Out
If you transferred excessive BUZ (BUZ you actually do not own or no longer own after trades rollback) to another account (including using GateCode,or account transfer), there will be a negative BUZ balance in your account after the swap ratio correction and trades rollback. Please just transfer back or deposit BUZ to make up the difference.
Points to BUZ Net Buyer for Compensation
Until the market suspension, for every USDT net BUZ token buy at USDT/BUZ spot market, 1 point is given as compensation (1 Point can be used to pay 1 USDT trading fee at Gate.io. ) Points will be distributed to eligible users within 3 working days.
Net BUZ Buy Volume (USDT) = BUZ Buy Volume (USDT) - BUZ Sell Volume(USDT)
Example: if user A bought BUZ at USDT/BUZ spot market with a total of 1000 USDT, and sold BUZ for a total of 200 USDT, the net BUZ buy is 1000-200=800 USDT. User A will get 800 Points.
BUZ/USDT Market Reopen：
BUZ/USDT spot market will reopen on August 22, at 08:00 UTC
Should you have any further questions, please contact our 24/7 customer support. Thank you for your understanding and continuous support.
Gateway to Crypto
Trade over 1,700 cryptocurrencies safely, quickly and easily on Gate.io
Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
GateVIP Twitter: https://twitter.com/Gateio_Inst
Telegram: https://t.me/gate_zh
API Telegram: https://t.me/gateioapi
Instagram: https://www.instagram.com/gateioglobal
Medium: https://gateio.medium.com/
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
August 20, 2024
