Resolution of $FSN and $USDT Funds Frozen on Hotbit

FUSION Foundation
Nov 1 · 2 min read

Dear Fusionites,

As part of the ongoing process to resolve the recent theft of Fusion tokens, we are taking action in collaboration with Hotbit exchange to finalize next steps.

As many of you know, Hotbit was able to successfully freeze the Hotbit account address belonging to the thief before he was able to withdraw funds from the exchange. The frozen account contains 260,231 FSN tokens and 98,934 USDT which was part of the proceeds that remained from the thief’s sale of FSN tokens.

The following describes the process that has been determined by Hotbit and Fusion to deal with the remaining funds:

  1. The remaining 260,231 FSN tokens will be burned and removed from the token supply.
  2. 20,000 USDT will be used to market buy FSN tokens on Hotbit and subsequently sold in a special campaign at a 50% discount. The purpose of the campaign is to attract people to trade on Hotbit.
  3. Finally, the remaining 78,934 USDT will be used to market buy FSN on Hotbit and then burned immediately after purchase.

In terms of timing, the tokens will be purchased off the market and burned by Hotbit on an irregular schedule over the next 14 days.

The ‘50% discount FSN token’ event mentioned in point 2 above will happen at 11:11AM on the 11th of November 2019 GMT +8. Further details on the sale will be released soon.

In summary, we can consider that of the approximately $233,000 of token value (at time of writing) that is held in the thief’s wallet, 58% of the tokens will be immediately burned, 8.5% will be used to market buy FSN tokens and sold at a 50% discount and the remaining 33.5% will be used to market buy FSN tokens and burned immediately.

FUSION Foundation

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