Redcoins Overissue Statement

RedCoins Over Issuance Notice and Resolution

Some of the Red Cable Club members may have noticed that they received an over issuance of RedCoins starting August last year.

Some would have received a system generated monthly credit from August 2022 to March 2023 (action ID: Quiz Game / Engagement Campaign between 20^th – 25^th of each month) and some received one-time system generated credit in December 2022 (action ID: Red Cable Privé Sign Up between 20^th – 25^th December).

The over issuance can be checked by going to RedCoins history on the Red Cable Privé homepage with the relevant action ID.

We apologize for the upcoming deductions that are designed to correct the system generated over issuance. We are trying to rectify this in the best possible way, without compromising your Red Cable Club and RedCoins experience.

Based on the RedCoins balance as on 26^th July 2023, the deduction and re-issuance will be done in the following way –

1. If the RedCoins balance is 0 on 26^th July 2023, there will be no change

2. If the RedCoins balance as on 26^th July 2023 is more than the over-issued RedCoins, the complete over-issued amount will be deducted and 10% of the same will be re-issued if the over-issuance happened only once (in December’22) or 25% of the same will be re-issued if the over-issuance happened monthly (since August’22)

3. If the RedCoins balance as on 26^th July 2023 is less than the over-issued RedCoins, then the full RedCoins balance will be deducted but 10% of the over-issued amount will still be re-issued if the over-issuance happened only once (in December’22) or 25% of the over-issued amount will be re-issued if the over-issuance happened monthly (since August’22)

Some Red Cable Club members will witness the change in their RedCoins balance on 1^st, 2^nd and 3^rd August 2023, in case they have received the system generated over-issuance as explained above. For other Red Cable Club members there would be no impact on their RedCoins balance.

We thank you for your patience so far and regret the inconvenience caused.