Updates Regarding the bZx Protocol Token (BZRX) Token Swap & Redenomination Plan to OokiDAO Token (OOKI)
We noticed an unusual price swing on OOKI/USDT and OOKI/BUSD spot trading pairs between 2021-12-24 04:00:00 (UTC) and 2021-12-24 04:10:59 (UTC) after trading had started for OOKI on 2021-12-24 04:00:00 (UTC), and have concluded the investigation.
Through the investigation, we found that within the stated time frame, some users were unable to view their OOKI balances in their wallets due to an operational error. As a result, users who bought OOKI within the stated time frame were unable to sell those OOKI purchased within the stated time frame, and thus were affected by the unusual price swing.
Binance always prioritizes user protection and we have made a decision to compensate the impacted users within 48 hours per below:
- Only users that bought OOKI on OOKI/USDT and OOKI/BUSD spot trading pairs between 2021-12-24 04:00:00 (UTC) and 2021-12-24 04:10:59 (UTC) and did not manage to sell it before 2021-12-24 04:10:59 (UTC) will be eligible for compensation.
- Only net purchased OOKI will be eligible for compensation.The calculation will be based on the unit price of 0.03 BUSD (closing price of OOKI at 2021-12-24 04:10:00 UTC).
- Compensation = (Total Purchased Amount - Total Sold Amount) - (Total Purchased OOKI - Total Sold OOKI) * 0.03 BUSD
- Example: User A purchased 20 OOKI at the unit price of 0.1 BUSD, and then sold 5 OOKI at the unit price of 0.08 BUSD, the compensation amount = (20*0.1 BUSD - 5*0.08 BUSD) - (20 - 5) * 0.03 BUSD = 1.15 BUSD
- Eligible users will receive compensation via BUSD token vouchers by 2021-12-28 15:59 (UTC).
Binance strives to maintain high standards of transparency with the community. We will further optimize the process and include additional controls in the process to avoid similar situations in the future. We sincerely apologize for any inconvenience incurred.
For more information, please refer to our previous announcements:
- Binance Will Support the bZx Protocol Token (BZRX) Token Swap & Redenomination Plan to OokiDAO Token (OOKI)
- Binance Has Completed the bZx Protocol Token (BZRX) Token Swap & Redenomination to OokiDAO Token (OOKI)
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.