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October 09, 2020, 05:31:41 AM |
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Before performing the token hard fork, PARSIQ team reached out to all centralized exchanges to disable deposits and withdrawals. This allowed for the trading on the books to continue within those exchanges (since the balance on exchange wallets does not change after the snapshot and will be restored in the same amount). Which is the reason why trading on centralized exchanges, including Poloniex was deemed safe, after getting confirmation from Poloniex team that deposits are disabled from 11:25AM (EST) at 6th of October.
Unfortunately, some users were still able to deposit the now obsolete PRQ to the exchange and sell it to other users for a low price. The price drop on Poloniex was not caused by panic selling, it was caused by arbitrageurs using this loophole in Poloniex deposits to buy old worthless PRQ from Uniswap for almost 0 and sell on Poloniex at a price range of 0.01-0.03 USD.
Trading was halted eventually, but as a result Poloniex exchange wallet now has a deficit of the new PRQ token. Up to this time, we did not know the decision Poloniex was going to make to rectify this situation. Finally, we received Poloniex's position going forward:
"We have identified the users who were able to deposit PRQ into Poloniex after snapshot and have implemented a plan to recover assets for users that purchased pre-swap PRQ tokens after the PARSIQ network snapshot. In cases where we were able to reverse trades without negatively impacting the trade counterparty, we did so and have issued a USDT credit to purchasers."
"In addition, we have distributed the PRQ for the new token contract to all of our eligible users that held PRQ at the time of our snapshot. We have now re-enabled our PRQ wallet using the new token contract and re-opened the PRQ/USDT market in post-only mode."
The situation is unfortunate, but Poloniex exchange has appearantly implemented a plan to recover assets for users that have yet to receive their USDT credit. Please be patient.
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