Dear Hoo User,
ALGO official released the latest redemption rules 2nd August. ALGO investor can return the tokens to required address and get early redemption at 85% price after 23rd August. Official Link: https://algorand.foundation/early-redemption
To protect the users' rights and consider the market risks, Hoo exchange will support this early redemption as following:
1. Hoo support ALGO early redemption. Hoo will use all ALGO from 300 BTC auction for this redemption. User can conduct redemption in Hoo.
2. ALGO redemption was scheduled to happen in June 2020 in the previous plan. To protect users' rights, Hoo will participate in this early redemption.
3. The redemption price is 1ALGO+1TALGO=2.04 USD. ALGO official will return in the form of coin invested. Hoo will return in the form of BTC. The actual amount depends on the real time price of BTC.
4. Redemption is scheduled to happen after 23rd August. Hoo will distribute to users when received.
5. The redemption adopts BTC price of 23rd August. Transaction and trading fee will also influence the amount.
6. Redemption can only be conducted at 100%. Partial redemption is not supported.
7. Hoo Labs will open redemption window from 20:00 7th August (UTC+8) to 20:00 8th August (UTC+8). Each user can only submit redemption once. You can prepare in advance.
8. TALGO/USDT pair will close on 19:00 8th August (UTC+8). TALGO will be abandoned and destroyed after 20:00 8th August (UTC+8).
Hoo redemption rules are made according to ALGO official rules. Hoo may change the rules to reflect the ALGO official.
Thank you for your support. For inquiry, please contact Hoo support.