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Gate.io Update Regarding Solution to Affected PAID Tokens on March 6

2021-04-03 22:35:00Read:39137

On March 6th, a substantial amount of PAID tokens were dumped on Uniswap, creating a price difference between Uniswap and other platforms. As a result, some arbitragers deposited PAID tokens on the Gate.io platform with the intention to sell. When we noticed abnormal behaviour, we suspended PAID trading, deposits and withdrawals at about 4 AM March 6th (UTC+8). At the same time, the Gate.io team contacted the PAID Network team to inform them about the situation and started actively working with the PAID Network team in an effort to come up with a solution for all impacted Gate.io users.

On March 8th, PAID Network team and Gate.io created a chat group to discuss the situation and we provided additional details as well as the addresses that deposited PAID tokens to Gate.io during the incident.

On March 13th, Gate.io provided all PAID deposits and trading records during the specified time period to PAID Network, upon their request. With this data, PAID Network then conducted further analysis.

On March 17th, Gate.io provided all PAID balances’ snapshot before the dump, at PAID Network’s request.

On March 19th, PAID Network and Gate.io had a video call. During the call, Gate.io further explained the difference between a CEX and DEX, with regards to how users trade on these platforms and reiterated that Gate.io would provide any data needed to help find a solution as soon as possible.

On March 29th, Gate.io provided a snapshot of PAID balances 4 hours after the dumping and re-organized the data we provided earlier, as requested by PAID Network.

From the start of this incident, Gate.io has been actively communicating with the PAID Network team in order to find the best possible solution for our users. The PAID Network team has actively responded and expressed that they would come up with a proper solution for all impacted PAID users.

As there is a considerable amount of data involved, the Paid Network team will need some time to conduct a thorough analysis.

Gate.io will continue working with the PAID Network team to find a resolution as soon as possible and will keep you updated.

Thank you for your understanding and patience.


Gate.io Team
April 3, 2021

Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.




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