Dear Hoo users,
Due to the recent surge in the number of futures users, and some users trade a large volume, trading nearly 10 million USDT in an instant, in extreme market conditions choose to close all positions resulting in pin phenomenon of BTC/USDT futures.
Because Hoo.com is using reasonable marked prices, no users have been forced to close their positions due to the pin phenomenon. However, a small number of users have been triggered to trigger a P&L resulting in a closeout or loss, which will be compensated by Hoo.com at the prevailing fair market price.
To resolve the issue once and for all, Hoo Futures will be working this week to provide a more comfortable trading environment for all users through the following measures.
1. More market makers will be introduced to the platform in the near future, and the depth is expected to increase to several times the previous level to accommodate the growing user traffic.
2. The platform will change the trigger price of TP/SL into the trigger marked price to avoid the loss caused by the triggering TP/SL due to the pin phenomenon.
Risk Alert: Any digital assets investment is risky. Please evaluate your risk tolerance before getting involved. Your support for Hoo is highly appreciated.
Hoo Team
October 22, 2020
