Balance Reset: Redistribution of TAGZ

Redistribution of TAGZ

This is an official company statement that is vitally important for each and every account holder to understand.

As of 03:35:19 AM October 15th AEST we enabled withdrawals for all KYC approved accounts.

As of 6:22:05 PM October 15th AEST we put a temporary stop to all trading, deposits and withdrawals on all assets due to a major glitch effecting user balances.

During this time period withdrawals had been enabled for all assets and we witnessed a high amount of withdrawal orders taking place for big amounts.

A glitch was encountered that effected user balances and upon investigation we noticed that more than 95% of users had been impacted due to a clerical error oversight which happened when manually cross referencing user data.

This led to the majority of account balances being out of proportion with some account balances being randomly awarded extremely high amounts of BTC, ETH & USDT for which users quickly tried to withdraw and subsequently led to our hot wallets being drained of 99.85% of all holdings.

Many accounts took advantage of the glitch and withdrew their holdings aswell as many who were effected negatively by the glitch with lesser holdings who also withdrew their funds.

Balance Reset

The glitch was identified far too late as the damage had already been done with regards to emptying hot wallets. 

Due to the unfortunate glitch we are forced to do a global balance reset which means all accounts will be subject to this event.  

This will allow us to do a complete restart of hot wallets and effectively start a new count for all deposits at $0 and thereby rectifying the situation.

Redistribution

As the balance and hot wallet reset starts at 0, so will all BTC, ETH, LTC and USDT account holdings have to be reset to the same equivalent as these asset funds technically do no exist any further in our hot wallets.

We will compensate all users with previous holdings of BTC, BCH, ETH, LTC and USDT as per the following balance rollback schedule:

  • BTC: Asset holdings / 0.0000108290
  • BCH: Asset holdings / 0.00041020 *
  • ETH: Asset holdings / 0.00048828
  • LTC: Asset holdings / 0.001634 *
  • USDT: Asset holdings / 0.089900

    * Edited 2:23AM Oct 16th. No further edits will be made.

Example: If your account holds 0.1 btc, it is divided by 0.00001082902. You will receive 9,234.44 TAGZ.

The above figures are calculated at the last price execution on our exchange: $0.089900

When?

The balance reset is set to take place on October 16th with all balances updated on this date.

All trading activity will recommence immediately after aswell as all deposits & withdrawals re-opened for all assets.