As the SPN token has shown a weak performance since the launch, Coinstore and the Project agreed to compensate the Launchpad Project participants for their losses. The details are as follows: after friendly negotiations.
Compensation Scheme:
A snapshot of all SPN Launchpad Participants' accounts will be taken at 17:50:00 UTC+8 on Sept 27, 2022, for their available SPN balance in SPOT Wallet (SPN current orders cannot be snapshotted to). All SPN tokens acquired through Coinstore Launchpad will be frozen and deducted. Coinstore will compensate all launchpad participants with the corresponding committed token USDT for their SPN tokens acquired from the SPN Project on Launchpad. We will account for this compensation as soon as possible and the compensation will be credited to your account within three business days.
Tips: Please cancel your unfilled SPN sell order in the spot market before the snapshot time (2022/09/27 17:50:00 UTC+8) to receive SPN compensation for this order. Late cancellations will not be compensated.
Details are as follows:
For SPN acquired from Launchpad Event, the buyback prices will be calculated based on the subscription price, i.e. 1 SPN = 0.0024 USDT
Please Note
- This compensation ONLY applies to users who participated in the Sportzchain (SPN) Launchpad event.
-The maximum amount of compensation is equal to the amount allocated to the user in the SPN Launchpad event. Any amount over the allotted amount will not be compensated.
-After the snapshot time, the portion of the SPN position added to the users' accounts will NOT be compensated.
Example
On Sept. 8, Alice signed up on Coinstore and participated in the subscription of SPN Launchpad. The actual amount of tokens invested was equal to 24 USDT. Alice received 10,000 SPN tokens at the end of the event.
Alice then sold some of her SPN holdings and added some SPN to her position, which resulted in a balance of 15,000 SPN in Alice's SPN account at the snapshot's time point.
In this case, Coinstore will only buy back the 10,000 SPN tokens from Alice's account and compensate Alice for 24 USDT based on the following calculation:
15,000 SPN*0.0024 USDT/SPN
The excess 5,000 SPN tokens will not be eligible for buyback compensation.
Please make sure you have enough balance at the snapshot time.No extra operation is needed for Coinstore will complete this compensation progress automatically.
*Please complete the application form below if you DON'T want to participate in this compensation: https://forms.gle/LVtBcRqXCCa44F5g9
Once you successfully submit it, your SHF position will not be repurchased. The deadline for application: Sept 27, 2022, at 15: 00: 00 UTC+8
Coinstore sincerely apologizes for the situation. Please be aware of market risks and make your investment cautiously. Thank you for your understanding and support!
Coinstore Global
2022/09/26