Announcement on Investigation and Compensation for PI Leveraged Tokens
Announcement on Investigation and Compensation for PI Leveraged Tokens
At around 06:00 AM on September 22, 2025 (UTC), the prices of PI-related leveraged tokens (including PI3L, PI3S, PI5L, and PI5S) experienced significant volatility. To protect users, we promptly suspended trading for these tokens and immediately initiated an investigation.
Investigation Results
- Between 06:00 AM and 06:15 AM (UTC) on September 22, 2025, the PI market experienced sharp price swings.
- Due to the leveraged tokens' automatic rebalancing mechanism, the price volatility caused PI3L, PI3S, PI5L, and PI5S to rebalance more frequently, triggering multiple rebalancing events in a short period. This led to volatility decay in token NAVs, resulting in a rapid decline in their net asset value.
The rebalancing mechanism of leveraged tokens is designed to dynamically manage positions and better track target returns under normal market conditions. All rebalancing actions during this event strictly followed the established product rules. The losses observed were the normal outcome of leveraged tokens under high volatility, not the result of any system malfunction or product design flaw.
Handling Measures
To best safeguard user interests, the platform will implement the following actions:
- On September 23, 2025, at 07:00 AM (UTC), Gate will delist PI3L, PI3S, PI5L, and PI5S. All related quantitative trading bots and pending orders will be canceled simultaneously.
- We fully understand the concerns of users who incurred losses and place great importance on user experience. Therefore, Gate will establish a Loss Compensation Fund to provide additional subsidies to users who suffered significant losses during this event.
1.Buyback: The platform will buy back the tokens held by users at a price higher than the market price. The leveraged tokens held by users will be automatically converted into USDT and distributed to the user's account.
| Token | Current NAV (USDT) | Buyback Price (USDT) |
|---|---|---|
| PI3L | 0.01168309 | 0.02336618 |
| PI3S | 0.00022749 | 0.00045498 |
| PI5L | 0.00027487 | 0.00054974 |
| PI5S | 0.01217819 | 0.02435638 |
2.Loss Compensation Fund
- Eligibility
Users who purchased PI3L, PI3S, PI5L, or PI5S before 06:00 AM (UTC) on September 22, 2025, and still held these tokens at the time of delisting.
- Compensation Price
| Token | Compensation Price (USDT) |
|---|---|
| PI3L | 0.53053 |
| PI3S | 0.0115 |
| PI5L | 0.018 |
| PI5S | 0.78 |
- Application Method
Submit a request via the [Support Ticket] system. Our team will verify your eligibility and inform you of the results within 7 working days after we receive your submission.
- Deadline
Applications must be submitted by 10:00 (UTC), September 30, 2025. Late submissions will not be processed.
We sincerely appreciate your continued support and trust. If you have any questions, please don't hesitate to contact our customer support.
Gate Ekibi
23 Eylül 2025
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