Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange DragonEx lost $7M in hack, announces compensation plan

Mon, 01 Apr 2019, 10:54 am UTC

DragonEx, a Singapore-based cryptocurrency exchange, has published an update of the funds it lost in a hack that took place on March 24.

According to the March 30th report on stolen assets, the exchange said:

“On March 24th, DragonEx suffered APT attack, which is the greatest challenge since DragonEx was first launched in the year of 2017. 7.09million USDT assets are stolen (based on the price when it was hacked), details are as below.”

The lost funds include 135 bitcoins, 2,738.12 ether, 247,000 XRP, 1,464,319.32 USDT, 64,121.00 XEM, and 426,314.70 EOS, among others.

DragonEx said that it is working with overseas and domestic Safety company to do system inspection and upgrade its safety measures as it prepares to reopen its platform.

Although it is trying to track and retrieve back the stolen assets with the help from multiple parties, the exchange said that “it seems not likely to retrieve back the stolen assets.” That said, the exchange has announced its plans to compensate affected users:

“DragonEx will issue 7million USDT value of DB, Dragon Bond which is 1:1 with USDT. The stolen assets of users will be calculated at the price when it was hacked, DragonEx will compensate 10% of the stolen assets as original currencies and the other 90% will be compensated with DB.

“DragonEx Team will give out 3.65million DT to set up DB Rewards Pool, the dividends from which will be used to compensate the DB holders until DB is bought back all.”

The exchange further said that it is also seeking outside financing, which if successful, would enable it to “purchase back all stolen assets for users and recover the trading, deposit and withdrawal as usual.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jan 28, 2021 (Thursday)
10:50
BTC Surges by 1.07% Within 5 Mins, Marking 31,495 USDT
10:47
Flare To Integrate Doge Prior To Network Launch
10:33
Investors In South Korea prefer XRP Over Ethereum – Messari Report
09:59
BTC Tops List Of Crypto Net Inflows With $174.10 Mln In Past 18 Hours
09:57
Cosmos SDK v0.41.0 and Gaia v4.0.0 releases are out, according to an official post.
09:27
UPbit has suspended deposit and withdrawal of BSV due to the system maintenance of wallet.
09:19
BTC Surges by 1.03% Within 5 Mins, Marking 31,204.18 USDT
09:06
CoinNess DeFi Report: Assets Locked In DeFi Mark $36.07 Billion
08:54
Huobi Global To Launch HUSD Trading Pairs Of YFI, SUSHI, KAVA, AAVE, MKR, THETA And DOGE
08:51
PLM token holders can claim SDN tokens at a 1:1 ratio, according to PolkaWorld.
08:25
Wing Finance: Proposal WIP-25 Passed
08:09
OPIUM, governance token of on-chain derivatives protocol Opium now is launched on the Ethereum mainnet and can be traded.
07:55
Loopring To Distribute Staking Rewards Next Week
07:50
Justin Sun Will Buy $1M GME
07:14
Due to the wallet upgrade, Huobi Global has now suspended the deposits and withdrawals of KSM.
07:10
OKEx To Enable PRQ/USDT Trading Pair
06:56
Cover Protocol Collaborate With Dollar Protocol
06:54
Grayscale Partners With Bloomberg To Hold Crypto Summit
06:50
Huobi Global To Removal Selected Trading Pairs
06:48
Coinbase Custody Supports Deposits And Withdrawals For NKN
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft