Dear users, the long wait is finally coming to an end! Eterbase exchange will be accessible to its users again on the 17th December 2020 and live trading will start one day later on the 18th December.
The situation in which we found ourselves in was very difficult as it caused big unexpected expenses, but we didn’t want to surrender and we kept our focus on getting the exchange up and running with several updates that will be implemented upon the launch:
1. Security audit & IT Services Tender :
As we already informed you in our previous posts, we decided to outsource key IT services and security services because we plan to expand our reach and the logical approach is to grow with the assistance of renowned firms that are specialized in these fields. Our public tenders had a small delay but they were successful and the exchange has been upgraded to the highest standards.
2. LEDGER Cold Wallet :
In order to streamline the cold wallet policy before opening the exchange, a new contract has been signed with Ledger Vault. The new cold wallet policy has insurance of up to 150 mil.$ in assets under management.
3. New trading fees, FIAT withdrawal limits, Source of funds :
As we want to maintain stable operations with the reopening of the exchange, lots of previously available markets will be discontinued. New markets, Withdrawal fees, and Trading fees can be found in the tables below:
|Minimum Withdrawal||Basic Withdrawal Fee|
min. 10 EUR,
max. 450 EUR
|Tier||Maker Fee||Maker Split||Taker Fee||Withdrawal fee discount|
|Basic||0.10 %||0.10 %||–|
|P1||0.09 %||0.09 %||–|
|P2||0.08 %||0.08 %||–|
|P3||0.07 %||0.07 %||–|
|P4||0.06 %||0.06 %||10%|
|P5||0.05 %||0.05 %||20%|
|P6||0.04 %||0.04 %||30%|
|P7||0.03 %||0.03 %||40%|
|P8||0.02 %||0.02 %||50%|
|P9||0.00 %||25%||0.01 %||60%|
Crypto withdrawals will be unlimited, but one transaction can not exceed the value of 200 000 EUR. Based on ETERBASE Internal AML policy and fraud prevention program users will be able to request a maximum of 2 FIAT transactions per day with a total limit of 200 000 EUR daily.
All users will have to provide a source of funds once per annum, latest until the 31st of January, and linked to the previous calendar year.
4. Balance claim / Refund scheme
As we’re not in a situation where we can refund all users at once, we had to reach out for several legal opinions and possible scenarios that would involve a complete refund of user funds and seamless stable operations of our platform. Any possible return of stolen assets from Binance, Huobi, and HitBTC, or any other provider will lead to EBASE buybacks that will speed up the overall refund process, but even if the investigation doesn’t show any results, ETERBASE will take all steps necessary that will lead to the fastest possible refund of all users based on their balances on the 7th September.
The refund will be processed in 3 CORE currencies:
EUR – all users that held EUR inside their wallets during the breach will be refunded with an equal amount of EUR. EUR will be refunded from Eterbase revenues and loans in up to maximum 24 months. ETERBASE will take all steps that will lead to the fastest possible satisfaction of EUR refunds.
XBASE – all users that held XBASE inside their wallets during the breach will be refunded with an equal amount of XBASE
EBASE – all stolen or compromised assets will be refunded with EBASE v3.0
EBASE will be directed towards another SWAP and it is expected to be upgraded to v3.0 which will lead to discontinuing of its stablecoin features. The new version will be more DeFi oriented, with high yield interest rates, and the taxation of transactions. A more detailed introduction can be expected in the coming weeks.