Users complain about SUN denomination issue on HitBTC

ForkLog was contacted by users of the HitBTC cryptocurrency exchange, who said they had lost funds due to an incorrectly performed denomination of the SUN token.

The incident occurred in the summer of 2021. According to one of the victims, on June 9, in the run-up to the denomination, he purchased on HitBTC 2,326.38 old SUN tokens for about 32,000 USDT. At that time the price of one token was around $14. On the same day the exchange halted SUN withdrawals.

“All exchanges, at some point, paused trading of the old SUN, issued new coins at a 1:1000 ratio, and reopened trading,” the user said.

Approximately a month later, on July 6, he saw on his account 1,000 times more tokens – 2,326,380 SUN – indicating the denomination had taken place. At that time withdrawals and trading of the coin were closed.

However, when trading resumed a few days later, the user’s balance again remained equal to the original – 2,326.38 SUN. The price after opening was around 0.02 USDT.

The SUN/USDT trading history is currently unavailable.

“Support replied that they carried out the denomination correctly and that on my account the new SUN tokens are present; requests to explain the situation and to credit the correct amount of tokens are ignored,” the victim added.

He says HitBTC did not notify clients about the procedures or timing of the denomination, and he learned all news from blogs of other exchanges and the official SUN Telegram channel.

According to him, several other HitBTC clients faced a similar problem. One of them told ForkLog in a letter that he bought 96.97 old SUN tokens for $1,900. His balance also rose to 97,970 SUN, and then returned to the original value.

At the end of August, the exchange sent affected users a letter with the results of its internal investigation.

“We found that the problem was related to your recent SUN trades. You exchanged new, not old SUN tokens after the revaluation. However, the revaluation affected only the old tokens. We have now confirmed that your SUN balance corresponds to the newly adjusted token value,” the platform’s representatives wrote.

They stressed that the revaluation of SUN was based on a snapshot taken on June 9. According to HitBTC, all traders who held old SUN at the time of the snapshot received new tokens at a 1:1000 ratio.

This stance, the victim says, does not explain why HitBTC returned the original balance after the denomination. The platform’s representatives also did not provide an official announcement on the denomination rules with the exact snapshot time, the end date, and the resumption of SUN trading.

The SUN developers told the user that they are aware of the situation but cannot do anything.

In a comment to ForkLog, HitBTC representatives said that they exchanged SUN at the request of the token developers based on the snapshot from June 9, 2021.

“As a result of the revaluation, all traders who held the old SUN on their accounts received new SUN tokens at a 1:1000 ratio. We fully fulfilled our obligations to users,” HitBTC noted.

The SUN developers did not respond to ForkLog’s request.

Earlier in August, the blockchain project Sentinel Network accused HitBTC of losing 40 million DVPN tokens.

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