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User Asset Disposal Plan: POOLZ Token Attack Results in POOLX Compensation

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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 to

User Asset Disposal Plan: POOLZ Token Attack Results in POOLX Compensation

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 29, it was announced that 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:

Introduction

Token attacks have been firmly established as a major threat to the cryptocurrency industry, and such attacks have increased in recent times. In this instance, we will discuss the user asset disposal plan released by Huobi after the POOLZ token attack took place. This article presents an outline of the released plan and how it will help investors recover their assets.

Background

On March 28, 2021, the POOLZ project’s token suffered an attack resulting in some user losses. POOLZ tokens, which provide access to the project’s decentralized financing platform, are used to control the platform’s governance, trading, and other functions. It is noteworthy that following the attack, the POOLZ token price dropped by almost 99%.

User Asset Disposal Plan

To mitigate the losses suffered by investors who bought POOLZ tokens after the attack, Huobi, in consultation with the POOLZ project team, came up with a user asset disposal plan. Here is a brief overview of how the plan will work:

Compensation Scheme

The POOLZ project team will compensate investors who lost their assets by issuing POOLX tokens. The POOLX token will be a newly developed token separate from POOLZ, and can be traded and swapped.

Timeframe

The POOLX token will be issued to users on a 1:1 basis to the POOLZ token balance held by users on March 28, 2021, at midnight (UTC+8), just before the attack occurred. The POOLX token’s maximum circulation will be the same as the POOLZ token’s maximum circulation of 10 million.

Distribution

The distribution of POOLX tokens will occur as soon as possible after the development of the new token is complete. The specific distribution time will be subject to an announcement by Huobi at a later stage.

Support

Huobi will fully support the compensation process and ensure that the distribution of POOLX tokens to affected users is smooth and timely.

Conclusion

In conclusion, the POOLZ token attack on March 28, 2021, negatively affected investors’ assets, and could have resulted in severe consequences. However, Huobi, in consultation with the POOLZ project team, released a comprehensive user asset disposal plan that should alleviate the losses suffered by investors. The compensation process will be achieved through the issuance of the new POOLX token. As such, investors can now rest easy in the knowledge that their losses are being addressed and that there is a path forward for full asset recovery.

FAQs

Q1. What is the POOLZ token?

The POOLZ token provides access to the POOLZ project’s decentralized financing platform and is used to control the platform’s governance, trading, and other functions.

Q2. How can I receive compensation for my POOLZ token losses?

The POOLZ project team will compensate investors who lost their assets by issuing a new POOLX token.

Q3. What is Huobi’s role in the compensation process?

Huobi will fully support the compensation process and ensure that the distribution of POOLX tokens to affected users is smooth and timely.

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