Dear users,

BitZ has released a solution for the FinNexus (FNX) event and exchanged and deployed a new contract for FNX tokens now.

FinNexus has been renamed Phoenix Finance, and the Ticker is PHX. 

Details are as follows:

Event Review:

Since FNX was hacked on May 17, 2021, a large number of minted FNX tokens have been issued in the FNX contract, causing the price of FNX to fall at an alarming rate. BitZ has been in contact with the FinNexus team to discuss various compensation options for our affected users. The solution given by the FinNexus team is to exchange the old tokens with the new PHX tokens at a 1:1 ratio.

Details are as follows:

According to  Official Announcement, the FNX team will take a snapshot of the hacker’s previous positions and allocate new PHX tokens at a ratio of 1 FNX: 1 PHX. We will compare the official FNX snapshot time with the BitZ snapshot time 【May 17, 2021 22:42 (UTC+8)】

1. Users who have not traded after 22:42 (UTC+8) on May 17, 2021: FNX will be exchanged for PHX at a 1:1 ratio.

2. From 22:42 on May 17, 2021 (UTC+8) to the suspension of BitZ FNX, users whose net purchase is greater than 0: the number of PHX obtained = (net purchase price/0.34) * FNX net purchases.

3. From 22:42 on May 17, 2021 (UTC+8) to the suspension of BitZ FNX, users whose net purchases are less than 0: the amount of PHX obtained = the total assets before the hacking - The total amount of FNX sold between the start of the hacking incident and the suspension of Bitz trading.

4. The platform does not currently support the PHX/USDT trading market, and the withdrawal service is now open.

FNX contract address swap details

1. The new PHX token will automatically replace the FNX code, and the FNX token will lose its actual value;

2. The PHX contract address is as follows:http://0xaec65404ddc3af3c897ad89571d5772c1a695f22

Investment risk reminder: Cryptocurrency assets are innovative investment products with large price fluctuations. As a neutral trading platform, BitZ is only set up to facilitate the trading of cryptocurrency enthusiasts. It does not assume any guarantee or liability for the investment value of the currency. Please judge your investment ability rationally and make investment decisions prudently.

Thank you for your support!

BitZ Team

July 2 2021


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