Skip to content

Solutions Proposed For All Users Affected by SpherePay (SAY) Situation

This post is also available in: 简体中文 (Chinese (Simplified))

Dear KuCoin Users,

SpherePay(SAY) listing on KuCoin was officially announced on 18:00 PM March 9th 2018. Deposits, withdrawals and trading went on normally as stated on the official announcement.

On March 12th 2018,  the KuCoin team was unexpectedly informed by SpherePay(SAY) that a portion of assets held in the official SAY wallet were stolen. KuCoin was asked to suspend all trading, deposit and withdrawals of SAY tokens as a safety measure until the SAY team could come with a solution.

In order to protect KuCoin user’s valuable assets,  the withdrawals of SAY were resumed on March 13th 2018 to allow users to move funds out of KuCoin exchange.

On March 20th 2018, KuCoin received an official solution offered by SpherePay(SAY).  Their idea is to create a new token (SPH) which will act as a form of compensation to those users affected, the official explanation and steps can be found on their website: https://say.spherepay.com/

KuCoin did not come to an agreement with SpherePay regarding the proposed solution (to airdrop the newly created tokens on users who were affected on KuCoin). We feel is not in the best interest of our users to receive new tokens  after what happened in the first place.

Instead, both teams have been busy discussing other forms of compensation we can offers KuCoin users. We have come to an agreement to create a pledged fund policy in order to offer our users a workable solution that does not involve an airdrop.

Details About The Pledge Fund Policy:

1.SpherePay(SAY) will provide KuCoin with funds so that we can buy back the net buying volume (Total buying volume minus total selling volume) purchased by registered users. Specific terms and rules will be released in the upcoming days.

2.For those users who are willing to participate in the airdrop solution offered by SpherePay , please withdrawal your SAY tokens manually to your private wallet and contact SpherePay to acquire new tokens.

3.Before proceeding with the manual withdrawal from KuCoin,  please get in contact with SpherePay, they will be able to guide you through the process accurately as there might be some extra steps you will need to take to ensure you receive your airdrop. Contact SAY devs and team on their official telegram community: https://t.me/SAYOfficial

We sincerely appreciate your kind support and understanding.

The KuCoin Team