rewrite this title DEXX Commits To Compensating Users For Losses Following $21M Hack

by
Alisa Davidson

Published: December 06, 2024 at 10:36 am Updated: December 06, 2024 at 10:36 am

by Ana

Edited and fact-checked:
December 06, 2024 at 10:36 am

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Memecoin trading platform DEXX announced that it would take full responsibility for the recent hack that resulted in user fund losses, pledging to compensate all affected users.

In the latest post on social media platform X, DEXX emphasized that, despite the incident, the team has remained intact and continues to work diligently. It assured users that the investigation is ongoing and that no efforts have been overlooked to protect DEXX and its assets.

The platform highlighted that following the breach, it has carefully mapped out the timeline of events, as well as a comprehensive security plan developed by its technical team. The platform has also set a final deadline for the compensation process and finalized the compensation strategy.

As part of its compensation plan, DEXX has outlined several key actions. The platform is in the process of developing a compensation module, which includes features to guide high-risk wallet activities, and these features are currently undergoing testing. DEXX is also continuing to monitor hacker-controlled wallets in an effort to recover assets for prompt reimbursement to affected users. In addition, the platform plans to allocate 80% of its daily revenue towards compensating users, while the remaining 20% will be reserved for operational costs. 

To further support affected users, DEXX will implement debt-to-equity conversions based on the platform’s valuation. The team is actively seeking financing to fund the compensation process and will create a dedicated plan once successful fundraising has occurred. Finally, the platform will distribute airdrops of its tokens as additional rewards to those impacted by the incident.

DEXX reiterated its commitment to its users, stating that it will continue to protect the platform and compensate those affected.

Over 12,000 Solana Wallets Affected By $21M DEXX Hack

On November 16th, DEXX fell victim to a security exploit, resulting in losses for over 12,000 unique users. According to MistTrack, the majority of victims lost less than $10,000 due to a private key leak, though one user experienced a loss exceeding $1 million. The total reported loss from the incident was initially estimated at $21 million, making it the second-largest hack in November. The platform confirmed that over 32,000 SOL, 634 ETH, and 204 BNB were stolen, among other assets. 

In response to the attack, DEXX issued a statement on social media, confirming that it was actively monitoring the hacker’s wallets and taking steps to freeze the stolen funds. The platform also offered a bug bounty and a token reward for the return of the stolen assets within 24 hours. A similar request was made on November 23rd. DEXX has partnered with SlowMist and law enforcement to investigate the incident. 

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles