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TwitterExclusive Interview with Eric He
With the launch and progress of the DEXX donation, LBank’s Risk Control Officer Eric He shares the initiative’s purpose, donation updates, and security measures.
The crypto market remains a landscape of both innovation and security challenges. On November 16th, 2024, the on-chain trading terminal DEXX suffered an exploit, resulting in the unauthorized transfer of substantial user funds. In response, LBank leads the seven-party coalition, including MEXC Ventures, HashKey Capital, SevenX Ventures, and Mask Network, to launch the $15 million donation initiative to support DEXX, with the goal of compensating users impacted by the incident.
As part of this initiative, LBank’s Risk Control Adviser, Eric He, shared insights during a recent interview, detailing the purpose behind the donation, its progress, and LBank’s continued commitment to bolstering platform security and safeguarding user trust.
The crypto world is not entirely fragmented, its progress relies heavily on innovation and transformative issuance mechanisms.
As an active participant in the “meme supercycle,” LBank is thrilled about DEXX’s potential to drive innovation in the on-chain meme ecosystem. Despite recent setbacks, we firmly believe that innovation is the driving force behind the crypto market’s progress.
Crisis is often an opportunity to deepen understanding and change. Through this donation initiative, we aim to rescue and support an innovative product, ensuring that innovation continues to drive the industry forward.
No, it’s not. As early as March last year, we collaborated on a donation campaign in response to the SLERF incident. LBank was the first donor and acted as the custodian of the donation address, ensuring that this donation was used to compensate all users who participated in the SLERF private sale.
This achievement was made possible through the swift action of the community, which raised nearly 4,000 SOL within just 24 hours to support SLERF users.
Certainly. The total donation fund is $15 million which will be used to compensate users affected by the DEXX attack, and compensation has been started simultaneously.
To ensure transparency and accountability, LBank and MEXC Ventures established the “Meme Prosperity Committee”, which will oversee the allocation and utilization of the donation. The committee will publish regular updates on the compensation process to ensure that all funds are directed toward compensating affected DEXX users.
Transparency and trust are at the core of this initiative.
The donation plan is progressing steadily, with compensation to affected users already underway. By working closely with DEXX, we’ve accelerated the resolution process, helping to rebuild trust and foster a sense of security within the community.
And our efforts have successfully prevented potential losses of $1.2 billion, safeguarding the assets of over 15 million users.
In 2024, we further strengthened our security infrastructure by integrating advanced threat detection systems powered by AI and machine learning. Our intelligent risk control framework operates 24/7, monitoring transactions in real-time to detect and prevent suspicious activities such as unauthorized withdrawals. Combined with multi-factor authentication and routine penetration testing, these proactive measures ensure the integrity of our platform and reinforce user trust.
Absolutely. In addition to our financial support, LBank is committed to helping DEXX address security challenges. Our team will assist DEXX in identifying and fixing vulnerabilities, including critical areas such as key management systems and transaction verification mechanisms.
We hope to achieve the balance art of decentralization and security, ensuring that DEXX can deliver a truly decentralized experience without compromising user safety.
Memecoin innovation has emerged as a unique narrative trend. At LBank, we aim to support this momentum by backing innovative projects that hold significant potential for mass adoption. Through our commitment, we hope to empower tools and platforms that can make a meaningful impact.
We firmly believe that DEXX has a higher success rate in this competitive landscape. Its user-friendly design and low entry barriers will act as key drivers in fostering the prosperity of the meme supercycle.
