GokuMarket was amidst unfavourable market conditions and on the brink of insolvency, ultimately leading to bankruptcy. In such adverse circumstances, ByteX extended life support to 1 million GokuMarket users; and took upon the responsibility to pay back the deficit funds of the GokuMarket users.
After months of rigorous planning, complying with the regulatory requirements, and accommodating users’ need ByteX have drafted a transition plan for the GokuMarket users. The highlight of the plan is the repayment structure customised uniquely for each user.
Highlights of the transition process are:
Invitation: ByteX extends an invitation via email to join the ByteX platform and complete the KYC of the account.
Acceptance: Post successful KYC verification, the user receive a dedicated payment plan for acceptance. The payment plan is uniquely based on the deficit of the individual user and is not common to all.
Fulfilment: After accepting the payment plan, users will start receiving timely payments in their ByteX wallet.
Answers to some of the burning questions that you might have (FAQs):
- What are the withdrawal limits on ByteX? ByteX will have higher (better) withdrawal limits compared to the GokuMarket.
- What if I have multiple accounts on GokuMarket? KYC is mandatory on ByteX, and no duplicate account will be allowed on ByteX. Hence, each user will be allowed only one account.
- What if I did not receive an invite email? We have sent the emails to all the users of the GokuMarket. If you still didn’t receive the email, you can email us at email@example.com to receive an invitation.
- Will pre-launch users also receive an invitation email from joining ByteX? Yes, all GokuMarket users are required to be onboarded and will receive the invitation email.
- What will happen to the GMC token? GMC tokens will be migrated to ZERO tokens (native to the ByteX platform) with a release schedule on the listing. Details of this will be announced separately.
- What will happen to the GokuMarket platform? As all the users and GMC is migrated to ByteX, there will be no operational purpose for GokuMarket.com, and it will be discontinued.
- When will USDT be available to the migrated users? USDT is prohibited in Canada; therefore, all USDT settlements will be provided in USDC in a 1:1 ratio.
- How will the deficit be calculated? For users who did not purchase the AI Bot + DeFi product on GokuMarket, the deficit will be based on their audited trades and deposited funds.For users who purchased AI Bot + DeFi products on GokuMarket, the deficit will be based on the original capital deposited externally on the account and the remaining returns of the product.
- What is the payment plan?The payment plan is bifurcated into two parts; Fixed & Variable components.The fixed component will cover a monthly fixed amount credited to the user’s ByteX account.The variable component will cover a monthly variable amount received in the user’s ByteX account. The variable will depend on the revenue of the ByteX platform.
- When will the payment plan be provided? The payment plan is provided after the successful KYC verification of the GokuMarket users on the ByteX platform.The users who didn’t purchase pre-launch products will receive the payment plan first, for the sole reason being ease of deficit calculation. This will be followed by the users who purchased the pre-launch products on GokuMarket. Note: It is mandatory to complete the KYC to receive the payment plan.
- What is the deadline to accept the invitation to join ByteX? The invitation emails are valid for 30 days from the receiving date, with the commonly extended deadline for all users as 30th September 2022, but no later.