Gate Exchange will acquire GT tokens for $ 200,000 to cover the losses of users who are trading CNNS
Gate.io decided to resort to an unusual method of promoting its platform for IEO.
According to a statement on her website, users who purchased CNNS tokens after the launch of the auction and suffered losses when they later sold them will be able to receive compensation.
The company notes that IEO CNNS turned out to be quite a hype. For this reason, and also because of low liquidity, within one hour after the start of trading, the CNNS rate rose 6-10 times relative to the price of IEO. Several users purchased tokens at this time and sold them later when the course exceeded the amount of IEO only 3 times.
To smooth out the negative experience of such users, Gate.io decided to allocate $ 200,000 to purchase its own GT tokens in the market and list them for compensation.
The amount of compensation for one user is limited to 288 GT (about $ 218). Those wishing to receive payments must send their applications to the address of the exchange. Besides, users who have lost more than $ 1,500 on CNNS can provide a postal address for receiving merchandise from the company. Applications are accepted until April 30 inclusive.