Preamble

This Refund Policy (the “Refund Policy”) sets out the rules for the refund of funds to Customers of Cuverse Limited (“Cuverse”) under the Mining Hardware Hosting Agreement and the Mining Service Agreement (together, the “Service Agreements”). This Document forms an integral part of the Service Agreements.

In the event of any conflict between this Refund Policy and the Service Agreements, the Service Agreements shall prevail.

§ 1. General Principles

(1) Three Distinct Categories. This Refund Policy distinguishes three categories of payment, each with its own refund rules:

• Service Prepayment — the advance prepayment in respect of Hosting Fees or Service Fees, as a general rule refundable subject to compliance with the conditions of § 2;
• Purchase Price (Mining Hardware) — the one-time payment for the acquisition of physical equipment, refundable only in limited cases described in § 3;
• Package Price (Service Package) — the one-time payment for the activation of a Service Package, wholly non-refundable, save for the single exception set out in § 4(2).

(2) No Compensation Beyond Refund. A refund of funds under this Refund Policy is limited to the amounts actually paid by the Customer. Cuverse does not pay compensation for loss of profit, interest on the amounts to be refunded or any other indirect losses.

(3) Net of Liabilities. Any refund is made net of the Customer’s outstanding amounts owed to Cuverse, including unpaid Hosting Fees, Service Fees, storage fees or other amounts owed to Cuverse under the Service Agreements.

(4) Currency. Refunds are made in USD or in the original currency of the payment, at Cuverse’s choice. Where the refund is made in cryptocurrency, the exchange rate as at the time of the refund applies, which may differ from the rate as at the time of the original payment. The Customer acknowledges and accepts this currency risk. The exchange rate is determined as at the time the refund is initiated and is communicated to the Customer prior to confirmation.

(5) Loyalty Discount Reversal. In the event of a refund of a payment to which a Discount or a redemption of Loyalty Points was applied, the amount of the refund is adjusted to reflect the amount actually paid by the Customer in funds (after the application of the discount and the redemption of Points), and not the full nominal price.

§ 2. Service Prepayment Refunds

(1) General Refundability. The Service Prepayment is the advance prepayment in respect of hosting services (Hosting Fees) or the operation of a Service Package (Service Fees). The unused portion of the Service Prepayment is refundable to the Customer in the event of:

• termination of the corresponding Service Agreement;
• cessation of the provision of services for good cause pursuant to § 9.3 of the Mining Hardware Hosting Agreement or § 9.4 of the Mining Service Agreement;
• an express request by the Customer for a partial refund (subject to compliance with § 2(2)).

(2) Minimum Balance Requirement. The Customer may request a partial refund of the Service Prepayment without termination of the Service Agreement, provided that:

• the residual amount after the refund covers all of the Customer’s outstanding obligations;
• the Customer has no active payment default;
• following the refund, a balance sufficient to cover Hosting Fees or Service Fees for at least 14 days of operation remains.

(3) Method of Refund. The refund is made by one of the following methods, at Cuverse’s choice:

• to the Customer’s bank account (for Customers who paid by fiat transfer);
• to the Customer’s payment card (for Customers who paid by card);
• to the Customer’s cryptocurrency wallet in USDT, USDC or BTC at the applicable exchange rate.

(4) Deductions from Service Prepayment Refund. The refund amount is reduced by:

• payment provider fees relating to the refund;
• the Customer’s outstanding amounts owed to Cuverse (Hosting Fees, Service Fees, storage fees, other accrued amounts);
• the applicable refund processing charges published on the website.

§ 3. Purchase Price (Mining Hardware) Refunds

(1) General Rule. The Purchase Price paid for Mining Hardware under the Mining Hardware Hosting Agreement is, as a general rule, not refundable following the installation of the Mining Hardware in the Data Center and the commencement of the provision of Hosting Services.

(2) Pre-Installation Refund. Prior to the installation of the Mining Hardware in the Data Center, and provided that Cuverse has not yet incurred material costs in connection with the procurement or preparation of the equipment, the Customer may request the cancellation of the order and the refund of the Purchase Price. Cuverse considers such requests on an individual basis and decides at its discretion. In the event of cancellation, charges relating to costs already incurred by Cuverse may apply.

(3) Right of Withdrawal (B2C from EU). B2C Customers from the EU within the meaning of Art 2(1) Directive 2011/83/EU have a right to withdraw from the contract within 14 days of its conclusion, save in the cases in which the Customer expressly waived that right pursuant to § 3(13) of the Mining Hardware Hosting Agreement. Such waiver is the standard practice in respect of all orders for Mining Hardware and is confirmed by the Customer at the time of placing the order.

(4) Defective Hardware. In the event of a defect in the Mining Hardware being identified during the warranty period, Cuverse shall, at its own cost, repair or replace the defective components in accordance with § 3(12) of the Mining Hardware Hosting Agreement. A refund of the Purchase Price is not provided for in the event of defects — the principal remedy is repair or replacement. A refund of the Purchase Price may be considered only where repair and replacement are objectively impossible or economically unviable.

(5) Termination by Cuverse without Customer Fault. In the event of termination of the Mining Hardware Hosting Agreement at Cuverse’s initiative without the Customer’s fault (for example, the cessation of services in the relevant Data Center, or a change in regulation), the Customer is entitled to choose one of the following options:

• a refund of the proportionate part of the Purchase Price, calculated having regard to the remaining Term and the applicable depreciation of the Mining Hardware;
• the shipping of the Mining Hardware to the Customer at Cuverse’s cost in accordance with § 9.6(a) of the Mining Hardware Hosting Agreement.

(6) Mid-Term Customer Requests. In the event of an agreed Mid-Term Buyback or Mid-Term Exchange pursuant to § 9.4 of the Mining Hardware Hosting Agreement, settlements between the Parties shall be made on the terms separately agreed at the time of the request. Such settlements are not subject to the general rules of § 3 of this Refund Policy.

(7) Erroneous Onboarding (US Customers). Where a US Customer has been registered in error and has acquired Mining Hardware in an excluded state (see § 16 of the Mining Hardware Hosting Agreement and § 2(4) of the Acceptable Use Policy), Cuverse shall refund to the Customer the amount of the Purchase Price paid, less Cuverse’s actual costs incurred up to the moment of identification of the error.

§ 4. Package Price (Service Package) Refunds

(1) Non-Refundable Nature. The Package Price paid for a Service Package under the Mining Service Agreement is a wholly non-refundable payment. The Package Price is not refundable in the event of Cancellation initiated by the Customer, save in the cases expressly provided for in § 4(2) of this Refund Policy.

By accepting the Mining Service Agreement, the Customer confirms that the Customer is aware of the non-refundable nature of the Package Price and knowingly accepts this term.

(2) Limited Exception — Termination by Cuverse without Customer Fault. As the sole exception to § 4(1), in the event of termination of the Mining Service Agreement at Cuverse’s initiative without the Customer’s fault (for example, the cessation of services in the relevant Data Center, or a change in regulation rendering the further provision of services impossible), Cuverse shall refund to the Customer the proportionate part of the Package Price, calculated having regard to the remaining Service Period.

The calculation formula is: Refund = Package Price × (remaining days of the Service Period / total Service Period in days).

(3) Erroneous Onboarding (US Customers). Where a US Customer has been registered in error and has acquired a Service Package in breach of § 6(2)(h) of the Mining Service Agreement, Cuverse shall refund to the Customer the amount of the Package Price paid, less:

• Cuverse’s actual costs incurred in connection with the activation of the Service Package;
• the amount of the Service Fees accrued for the period of active operation up to the moment of identification of the error;
• applicable payment provider fees.

(4) Mid-Term Upgrade. Where the Customer uses a Mid-Term Upgrade in order to migrate to a more recent Service Package pursuant to § 4 of the Mining Service Agreement, the Package Price of the previous Service Package is credited in the manner agreed by the Parties at the time of the Mid-Term Upgrade. This is not a refund within the meaning of this Refund Policy, but a credit applied to the new Service Package.

§ 5. Loyalty Points

(1) Non-Redeemable for Cash. Loyalty Points credited to the Customer under the Loyalty Program are not subject to:

• exchange for funds or crypto-assets;
• refund in the form of funds in the event of termination of the Service Agreements;
• transfer to other Customers.

(2) Forfeiture on Termination. Upon termination of the Service Agreements for any reason, unused Loyalty Points are forfeited without compensation, save in the cases expressly provided for in the Loyalty Program Terms.

(3) Loyalty Points and Refunds. Where the Customer has used Loyalty Points to pay part of the Purchase Price, Package Price, Hosting Fees or Service Fees, and subsequently requests a refund of the corresponding payment, the refund is made only in respect of the portion actually paid in funds. The Loyalty Points redeemed are not restored to the balance of the Customer’s Account.

§ 6. Refund Process

(1) Refund Request. The Customer submits a refund request to the Cuverse support service. The request shall contain:

• the identifier of the Customer’s Account;
• the identifier of the Order Specification to which the request relates;
• the amount requested for refund;
• the basis for the refund, with reference to the corresponding paragraph of this Refund Policy;
• the preferred method of receipt of the refund.

(2) Review. Cuverse considers the refund request within reasonable timeframes. During the review, Cuverse may request from the Customer additional information or documents necessary to verify the request.

(3) Decision. Following its review, Cuverse notifies the Customer of its decision: approval, partial approval with reasoning for the reduction of the amount, or refusal with reasons.

(4) Execution. Upon approval of the refund, Cuverse executes the refund within the indicated timeframes. The actual receipt of the funds in the Customer’s account may take additional time depending on the payment provider and the Customer’s bank.

(5) Disputes. In the event that the Customer disagrees with Cuverse’s decision, the Customer is entitled to:

• submit an appeal to the support service with reasons for the disagreement;
• apply to the competent consumer protection authority (in the case of B2C Customers);
• initiate a dispute in accordance with the procedure provided for in § 14 of the Mining Service Agreement or § 15 of the Mining Hardware Hosting Agreement.

§ 7. Special Scenarios

(1) Technical Errors. Where a refund is required as a result of a technical error on the part of Cuverse (for example, double charging, an erroneous fee or a billing failure), Cuverse shall initiate the refund on its own initiative, without the need for a request from the Customer, within the shortest reasonable timeframes following the discovery of the error.

(2) Chargebacks. In the event that the Customer initiates a chargeback procedure through a bank or payment provider, Cuverse reserves the right to:

• suspend the provision of services to the Customer pending the resolution of the chargeback;
• terminate the Service Agreements with the Customer for material breach;
• provide the payment provider with all necessary documentation to dispute the chargeback.

Cuverse recommends that Customers first contact the Cuverse support service for the resolution of refund matters before initiating a chargeback.

(3) Fraud Detection. In the event that Cuverse has reasonable grounds to believe that a refund request is connected with fraudulent acts (for example, false grounds, the use of stolen payment data), Cuverse reserves the right to:

• refuse the refund;
• suspend or close the Customer’s Account;
• notify the competent law enforcement authorities.

§ 8. Modification of Refund Policy

(1) Right to Modify. Cuverse reserves the right to amend this Refund Policy unilaterally. Material amendments take effect no earlier than 30 days following notice to Customers.

(2) Grandfather Clause. Amendments to the Refund Policy do not apply retroactively to Service Agreements entered into prior to the entry into force of the amendments. Such Service Agreements remain subject to the version of the Refund Policy in effect at the time of their conclusion.

§ 9. Contact

Refund requests and enquiries relating to this Refund Policy shall be sent:

• By email: [email protected]
• Through the dashboard: the “Support” section
• By postal address: Cuverse Limited, 7/F, MW Tower, 1 Bonham Strand, Sheung Wan, Hong Kong

§ 10. Governing Law

This Refund Policy is governed by the substantive law of Hong Kong, without regard to its rules of private international law. In respect of US Customers, the special rules set out in § 16 of the Mining Hardware Hosting Agreement apply.