DEXX Stands Firm on Compensating Users After $21M Cyberattack

Memecoin trading platform DEXX said the company is taking complete responsibility for the recent hack that led to the loss of user funds, committing to compensate all impacted individuals.

In a recent update shared via social media platform X, DEXX reassured users that, although the hack occurred, the core team remains intact and dedicated to their work. They emphasized that an investigation is underway and that no stone will be left unturned in safeguarding DEXX and its assets.

The platform has made it clear that it has laid out a thorough timeline of events post-breach and has put together a robust security strategy crafted by its tech experts. Moreover, they have set a clear timeline for the compensation process and have finalized their reimbursement strategy.

In its compensation plan, DEXX has laid out several essential steps. They are currently crafting a compensation module, which includes monitoring features for high-risk wallet activities, and these tools are now in the testing phase. DEXX is also keeping a close watch on the wallets controlled by hackers, aiming to recover assets to ensure that affected users receive prompt reimbursements. Furthermore, they intend to allocate 80% of their daily revenue directly to compensating users, while reserving 20% for operational expenses.

To provide extra support for those affected, DEXX will execute debt-to-equity conversions based on the platform’s valuation. The team is actively exploring financial avenues to back the compensation initiative and will establish a tailored plan once their fundraising efforts have succeeded. Additionally, airdrops of their tokens will be distributed as further compensation to those impacted by the incident.

DEXX reaffirmed its dedication to its user base by stating its commitment to ongoing protection of the platform and ensuring that those affected receive compensation.

More than 12,000 Solana Wallets Impacted by $21M DEXX Cyberattack

On November 16th, DEXX fell prey to a security breach that affected over 12,000 individual users. Analysis by MistTrack indicated that most victims lost less than $10,000 due to a leak of private keys; however, one individual suffered a staggering loss exceeding $1 million. The total estimated loss from this incident reached $21 million, making it the second-largest hack recorded in November. The platform confirmed that the stolen assets included over 32,000 SOL, 634 ETH, and 204 BNB, among other cryptocurrencies.

In reaction to the breach, DEXX released a public statement on social media, clarifying that they are actively monitoring the hacker finances and initiating steps to freeze the pilfered assets. The platform has also introduced a bug bounty and a token incentive for the swift recovery of the stolen assets, valid for 24 hours. A similar appeal was issued on November 23rd. DEXX has formed partnerships with authorities to thoroughly investigate the situation. SlowMist , please keep in mind that the details provided on this page should not be seen as and do not constitute legal, tax, investment, or financial advice of any sort. Always remember to invest only what you can afford to lose, and seek independent financial counsel should you have any uncertainties. For more insights, please consult the terms and conditions along with the help centers provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate, unbiased journalism, but market conditions can shift unexpectedly.