Huobi Releases User Asset Disposal Plan after POOLZ Attack: What You Need to Know

03/29/2023 05:39 • Tech Ticker • 125 views

On March 29, it was announced that Huobi Huobi released a user asset disposal plan after POOLZ was attacked. In order to reduce the asset losses caused by users purchasing POOLZ tokens after an attack, the POOLZ project party will be supported to compensate users for their losses by issuing a new token POOLX. The specific handling scheme is as follows:

Huobi releases a solution for handling user assets after POOLZ is attacked

On March 29th, Huobi announced its new user asset disposal plan in response to a recent attack on the POOLZ project. This attack caused significant asset losses for users who had purchased POOLZ tokens, leading Huobi to take action in order to minimize the impact of the attack. As a result, the POOLZ project will be issuing a new token, POOLX, to compensate users for their losses. In this article, we will explore the details of this plan and what it means for users.

What Happened to POOLZ?

First, let’s take a closer look at the attack on the POOLZ project that prompted Huobi’s response. On March 26th, an unknown hacker exploited a vulnerability in the POOLZ contract and drained nearly $10 million worth of tokens from the project’s liquidity pool. This attack resulted in the loss of assets for many users who had purchased POOLZ tokens, as the price of these tokens plummeted in the aftermath of the attack.

Huobi’s User Asset Disposal Plan

To address this situation, Huobi has announced a user asset disposal plan that aims to limit the impact of the POOLZ attack. Under this plan, Huobi will support the POOLZ project in compensating users for their losses by issuing a new token, POOLX, to those who purchased POOLZ tokens after the attack. The specifics of this compensation plan are as follows:
1. Users who purchased POOLZ tokens on Huobi after the attack occurred will be eligible to receive POOLX tokens as compensation. The ratio of POOLX to POOLZ will be 1:1.
2. Users who held POOLZ tokens before the attack occurred will not be eligible to receive POOLX tokens.
3. Huobi will conduct a forced liquidation of all POOLZ tokens on the platform on April 3rd at 11:18 AM (UTC+8). The proceeds from this liquidation will be used to purchase POOLX tokens, which will then be distributed to eligible users.

What Does This Mean for Users?

If you purchased POOLZ tokens on Huobi after the attack occurred, you should be eligible to receive POOLX tokens as compensation. However, if you held POOLZ tokens before the attack, you will not be eligible for compensation under this plan.
It’s worth noting that the exact timeline for the distribution of POOLX tokens has not been announced yet. We recommend keeping an eye on updates from Huobi and the POOLZ project for more information as it becomes available.

Conclusion

Huobi’s user asset disposal plan represents a concerted effort to minimize the impact of the recent POOLZ attack on its users. By supporting the POOLZ project in compensating affected users, Huobi is demonstrating its commitment to the security and integrity of its platform. If you were impacted by this attack, we hope that this article has provided useful information on what you can expect in the coming days.

FAQs

Q: Will POOLX tokens be tradeable on Huobi?
A: Yes, POOLX tokens will be tradable on Huobi after they are distributed to eligible users.
Q: What caused the vulnerability in the POOLZ contract?
A: The exact details of the vulnerability have not been disclosed, but the POOLZ team has assured users that they are working to enhance the security of their contract in the wake of this attack.
Q: Is there anything else I need to do to receive compensation under Huobi’s plan?
A: At this time, no action is required on your part to receive compensation. Huobi will automatically distribute POOLX tokens to eligible users.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/10869.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.