Updates Regarding the bZx Protocol Token (BZRX) Token Swap

Since the opening of OokiDAO (OOKI) trading, Binance has noticed that from 12:00:00 on December 24, 2021 to 12:10:59 on December 24, 2021 (East Eighth District time), OOKI/USDT and OOKI/ BUSD spot trading pairs have large abnormal price fluctuations.

At this stage, Binance has completed the relevant investigation.

Through investigation, Binance found that within the above time frame, due to operational errors, client users could not check the OOKI token balance in the spot wallet, and could not sell the purchased OOKI.

At the same time, the market price fluctuated sharply, and the relevant users Assets suffered losses.

In line with the principle of “protecting users” to the maximum, Binance will provide reasonable compensation to affected users within 48 hours according to the following plan.

The compensation plan is as follows:

  • The scope of compensation users: from 12:00:00 on December 24, 2021 to 12:10:59 on December 24, 2021 (East Eighth District time), buy OOKI on OOKI/USDT and OOKI/BUSD spot trading pairs, And before 12:10:59 (East Eighth District Time) on December 24, 2021, there are still users who have not sold OOKI positions;
  • Compensation calculation method: The unit price will be 0.03 BUSD (the closing price of the K-line at 12:10 at the end of the accident) for the user’s net purchase of OOKI positions;
    • Specific calculation formula: compensation amount = (buy amount-sell amount)-(buy quantity-sell quantity) * 0.03
    • Assuming: User A buys 20 OOKIs at 0.1 BUSD and sells 5 OOKIs at 0.08 BUSD, the compensation amount = (0.1 * 20-0.08 * 5)-(20-5) * 0.03 = 1.15 BUSD
  • Completion time of compensation: Users who are eligible for compensation will receive the corresponding BUSD cash coupon compensation before 23:59 (East Eighth District Time) on December 28, 2021.

Binance has always adhered to the principle of “protecting users” and regarded “openness and transparency” as the foundation of the platform’s sustainable development.

Binance apologizes for the occurrence of this accident and will do our best to compensate the damaged users in the shortest possible time.

In the future, the Binance team will further optimize related processes and add more checkpoints during operations to avoid similar situations.

Go to Binance Official Website