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LBank to Reverse Split of OGN3S and 10 Leveraged ETFs

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LBank
  • Updated
Dear LBank users,
 
To enhance the trading experience for our users, OGN3S，1INCH5L，BAKE3L，LOOKS3L，TLM3L，DENT3L，KSM3L，STORJ3L，NKN3L，FIL5L will undergo a 1-for-1000 reverse token split. The process will commence at 09:00 (UTC) on July 24, 2023, and will take approximately three hours to complete. The total asset value users hold will remain unaffected by the reverse split.
 
Following the 1-for-1000 reverse split:
1000 OGN3S (before) = 1 OGN3S (after)
Same as 1INCH5L，BAKE3L，LOOKS3L，TLM3L，DENT3L，KSM3L，STORJ3L，NKN3L，FIL5L
 
During the reverse split period, OGN3S，1INCH5L，BAKE3L，LOOKS3L，TLM3L，DENT3L，KSM3L，STORJ3L，NKN3L，FIL5L will happen:
  1. All existing orders will be automatically canceled, and trading will be temporarily suspended.
  2. A snapshot of users' account balances will be taken.
  3. Asset balances will be updated accordingly, and trading will resume.
 
Please check the updated OGN3S，1INCH5L，BAKE3L，LOOKS3L，TLM3L，DENT3L，KSM3L，STORJ3L，NKN3L，FIL5L assets in "Wallet → Spot" after the reverse split.
 
【Regarding Reverse Split】
When the leveraged token price falls below 0.01 USDT, LBank may implement a reverse token split to prevent any negative impact on users' trading experience. The precise price at which a reverse token split is triggered may vary depending on market conditions.
A reverse token split consolidates the existing number of issued tokens into a smaller quantity of proportionally more valuable tokens.
For instance, with a 1-for-1000 reverse split of BTC3L, if the price of BTC3L is 0.005 USDT and a user holds 1000 BTC3L before the reverse split, the user will possess 1 BTC3L valued at 5 USDT each after the reverse split. The total value of the user's BTC3L holdings will remain unchanged at 5 USDT before and after the reverse split.
 
Risk Warning:
Trading in the cryptocurrency market carries a substantial risk and may result in significant profits or losses. Exercise caution when trading. Although LBank strives to select high-quality assets, it cannot guarantee profits and will not be held responsible for any trading losses incurred.

 

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If you have problems, please contact LBank official email: service@lbank.info, and we will provide sincere, friendly and immediate service. We also welcome you to join LBank official English community to discuss the latest issue (Telegram): https://t.me/LBank_en.

 

Risk Warning: Investing in digital assets is extremely risky. Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and LBank is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. This material shall not be construed as financial advice in any case. LBank reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.

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