Follow-up to Earlier Incident of FTT Abnormal Price Fluctuation on Sept 6

Dear BitMax.io users. 

As noted earlier, a vey small number of users experienced forced liquidation caused by earlier incident of FTT abnormal price fluctuation between 7:58-59pm EDT on Sept 6. In response to the incident, BitMax has carefully reviewed all affected account information and proposed a remediation plan as below: 

Affected accounts will receive compensation in USDT, calculated with the value difference between price at 7:56pm EDT, Sept 6 and execution price of forced liquidation. For example, if a forced liquidation price for FTT was at 0.6 USDT with a total token amount of 100 FTT, and the price before forced liquidation at 7:56pm EDT at 1.18362 USDT, the amount of compensation in this case will be (1.18362-0.6）*100=58.362 USDT. 

For users charged with 10% transaction fee in using BTMX as the collateral for Instant Unlock, they will receive compensation in USDT for the transaction fee calculated with BTMX price of 0.09135 at 7:56pm EDT.

For very few users who’s experienced forced liquidation in other tokens due to cross asset margin methodology, the same approach will be applied to compensation calculation with price difference between 7:56pm EDT and forced liquidation on Sept. 6.

All compensations in USDT will be distributed to affected accounts within the next 24 hours. For any questions, please feel free to contact Customer Support. 

Thank you for your understanding and continued support!

BitMax.io team

Thank you for the continued support.

BitMax.io Team

Sept 7th, 2019

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