#IFGV3: Hotbit Compensation

This compensation topic relates only to Hotbit SIL holders. Regarding compensation for all other affected SIL holders, please refer to #IFGV2.

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The SIL incident occurred on 16 March 2021 @ 10:20am UTC.

Hotbit does a general balances snapshot @ 10am UTC every day. On 16 March 2021 @ 10am UTC, 20min before the incident occurred, there have been 1,173 SIL on Hotbit in total.

SIL trading on Hotbit continued for around 3 more days until 19 March 2021 when all trading activities have stopped, including deposits and withdrawals. The total balance of SIL holdings on Hotbit is currently 6.184 million SIL. This implies that 99.9% of SIL coins on Hotbit were deposited and traded after the incident.

We have received extensive feedback from the community about the fairest way to make whole Hotbit users and propose to compensate only SIL holders according to Hotbit's snapshot on 16 March 2021 @ 10am UTC at a ratio of 1:1 STEEL-SIL.

If this voting proposal is accepted, the Iron Finance team will allocate 1,173 SIL for compensation and send them to Hotbit for distribution.

The voting is live for 24 hours. Eligible voters: STEEL holders, STEEL holders in the Foundry, STEEL-BNB LP token holders in vFarm and vSafe.

Thank you for voting.