“Even without being obliged to compensate the damages caused by FTX, we have voluntarily decided to put our best efforts and resources so that the impact on the customer is as little as possible“, stressed the CEO.
Through a statement, the company gave details of the implementation of the QIA Tokenwith which he will try to compensate his clients.
The procedure will consist of taking a photo of each of the accounts and the balances in each currency at the end of the last day on which withdrawals were processed from the platform, with a cut-off date of Monday, November 7. “This will affect each of the accounts and each of the assets in equal parts” in a percentage of 36.51%.
Allocation and amount of Tokens: between Monday, December 12 and Friday, December 16, each client’s account will be assigned the corresponding QIAs. Close to the date the exact day and time of the assignment will be defined. During token allocation, they will be suspended internal transfers and trading on the platform.
Each client will receive as many QIA tokens, as the equivalent in dollars have been affected. For example:
- Client 1: Portfolio: 10,000 USDT / Balance: 6,349 USDT + 3,651 QIA.
- Client 2: Wallet: 10,000 USDT + 10 BTC.
- Balance: 6,349 USDT + 3,651 QIA + 6,349 BTC + (3,651 BTC * 16,200 USD/BTC) = 59146.2 QIA.
- Balance: 6,349 USDT + 3,651 QIA + 6,349 BTC + 59146.2 QIA.
- Balance: 6,349 USDT + 6,349 BTC + 62797.2 QIA.
- Client 3: Wallet: 10 BTC + 10 ETH.
- Balance: 6,349 BTC + (3,651 BTC * 16,200 USD/BTC) + 6,349 ETH + (3,651 ETH * 1,150 USD/ETH).
- Balance: 6,349 BTC + 62797.2 QIA + 6,349 ETH + 4198.65 QIA.
- Balance: 6,349 BTC + 6,349 ETH + 66995.85 QIA.
For the examples, current market prices were taken. For the final calculations, the prices at the end of the day of the token allocation in December at 23:59:59 UTC-0. (The exact day closer to the date will be defined). It will be done on this date to avoid a rollback of all trades made in the last few weeks.
Secondary market: during the month of December the QIA/USDT secondary market will be created. All users will be able to buy or sell QIA/USDT at the market price and limit price against USDT (Tether). The fees for exchanging QIA will remain at 0%.
Internal transfers: internal transfers will be enabled to send and receive QIA tokens between Quantia users immediately and without transaction costs.
Buyback of QIA tokens: We estimate to start with the repurchase of the tokens in Q1 2023.
Quantia will gradually remove the tokens from circulation at face value 1.00 USD. In other words, each client will be able to see in his account, at the end of each quarter, that a certain amount of QIA tokens were redeemed for the same amount in USDT, which can be used to trade crypto either withdraw freely.
Resumption of withdrawals: Withdrawals for the ~65% not affected will begin to be partially enabled in January 2023, from which time the liquidity that Quantia has placed will begin to re-enter. Over the next few months, starting at 10%, it will be released progressively to meet all withdrawals.
Current status of the platform: on-chain withdrawals continue to be suspended, internal transfers via the Quantia-Internal network are enabled, trading within the platform works normally.
The yields of the interest account will continue in 0.00% Until operations resume in the lending / borrowing market. We suggest do not make deposits until all services are normalized. In addition, Quantia will carry out a series of virtual encounterswith the aim of explaining everything mentioned above regarding the operation of the token and clarifying those of the clients.
Source: Ambito
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