Original | Odaily Planet Daily (@OdailyChina)

Author | Fu Ruo (@vincent31515173)

In the AMA session titled "Meme Industry Construction Conference Phase 1: Event Truth ✖️ Industry Future | DEXX Incident" held by LBank last night, representatives from the DEXX platform, victim representative Haila, funding donor representative LBank, and numerous KOLs discussed the DEXX theft incident and engaged in in-depth discussions about the future development of the DEXX platform and the victim compensation plan.

During this AMA, in addition to reviewing the emotional journeys of the participants involved in the DEXX theft incident, victim representative Haila also expressed concerns regarding the compensation process from the DEXX official. The main issues focused on the ambiguity of the compensation targets, the progress of compensation, and the subsequent platform token compensation plan.

The following is a recap of this Space, organized by Odaily Planet Daily.

Review: How the Three Parties View the DEXX Theft Incident

Funding Representative - LBank Eric He: Initially, we were not interested in restarting DEXX. From a business perspective, the difficulty of restarting is extremely high, and a simple compensation plan has little commercial value. However, Roy's persistence moved us. He contacted us multiple times, continuously seeking solutions, and firmly stated, "This is my project, I must do it well, otherwise I won't have peace of mind." This sense of responsibility made us see the value of DEXX and prompted us to reassess the situation.

To increase the chances of a successful restart, we contacted many teams, including Pionex, hoping to gather more strength. Eventually, everyone reached a consensus. We then began to study the compensation plan. This matter is extremely complex, involving huge amounts of money and requiring coordination among all parties. Roy has endured immense pressure for this, even accepting some unequal treaties and "indentured servitude" agreements. In fact, our team had already agreed to participate around December 2024, but to bring in more partners and increase the compensation amount to satisfy more users, this matter was delayed for several months.

Currently, we have officially launched the compensation plan, and the strategy is to prioritize compensating small users, as everyone's financial capacity is limited, and full compensation is not feasible. It is worth mentioning that all major holders are very understanding; when communicating with Roy, they almost unanimously stated, "First compensate the small holders, my amount is larger, I can wait. As long as you are willing to keep going, I can accept being compensated slowly as we earn money in the future." This deeply moved me and filled me with respect for the cryptocurrency community in the Chinese-speaking region.

The difficulty of restarting the entire DEXX incident is hellish, but the fact that so many teams in the Chinese-speaking community are working together and receiving support from major holders gives us more confidence to persist.

Platform Representative - DEXX Roy: Before there is a clear solution to the DEXX incident, saying anything about it will make me a target, so I chose to minimize external communication about the event's progress throughout the process.

The first external disclosure was in December when a reporter from Odaily Planet Daily contacted me, hoping I could respond to relevant questions. In this interview, I detailed the background and consequences of the DEXX theft incident, our response measures at the time, and our future plans.

After the theft incident occurred, our initial reaction was to track down the hacker with all our efforts. We invested a lot of energy and resources, hoping to quickly identify the hacker and recover the assets. However, this process turned out to be more complicated than expected, with numerous difficulties, and ultimately we did not achieve the desired results.

So we began to shift our main focus to institutions, seeking partners who could support the compensation and restart of DEXX. Over the past few months, I have held dozens of meetings with institutions in the Chinese-speaking market, and eventually, some institutions decided to support DEXX and began to enter the scene in December. In the list of institutions announced today, there are still some investors who have not been disclosed; they will be revealed in the next round.

In addition to funding issues, another challenge facing the restart of DEXX is team stability. After encountering a malicious incident, team members inevitably feel uneasy and may even choose to leave. We had to spend a lot of energy stabilizing the team while also recruiting. However, the DEXX incident is widely known in the Chinese cryptocurrency community, making recruitment extremely difficult.

On the other hand, the calculation of user compensation is also a massive project. After the incident, we needed to accurately tally the amount of damage, but the uniqueness of the DEXX incident lies in the fact that some funds were withdrawn by users themselves, rather than stolen by hackers. To clarify the flow of these funds, our partner team spent 10 days verifying transaction records one by one.

Security issues have always been the core task of restarting DEXX. To ensure that similar risks do not occur in the future, we not only involved security teams from major institutions and centralized exchanges but also rebuilt a security team to comprehensively upgrade the system architecture.

Victim Representative - Haila: Looking back on that day, I had just bought a hundred times coin in the first half of the night, and by the second half, I was hacked. I immediately created a group for rights protection and opened a Space. My emotions plummeted from the peak to the bottom, and combined with my physiological period, I was in terrible shape. Now, three months have passed, and it feels like a dream; it has been a tough journey. Fortunately, the final result is good.

New points of contention arise: Unclear compensation process raises doubts among victims

Unclear compensation rules lead to doubts about progress

Victim representative Haila emphasized the lack of transparency in the official compensation rules and the ambiguity of progress during her conversation with Roy. Although the DEXX platform announced that compensation would start on February 8, Haila and other users stated that the actual number of compensated users was small, and the compensation amounts were low. She specifically pointed out that the platform's compensation rules are confusing, and many victims cannot understand the order and logic of compensation.

Haila used the DEXX platform announcement as an example, explaining that the platform had stated it would prioritize compensating the most affected groups, but staff claimed that the compensation order was based on amounts from small to large. Additionally, regarding the compensation progress, DEXX platform staff provided different statements—some said that 200 users could be compensated daily, while others said only dozens could be compensated daily, leading to distrust among victims regarding the compensation progress.

Regarding compensation for large users, Haila revealed that although the DEXX platform had stated it was in communication with major holders, the major holders in her community indicated they had not received such information and questioned why small holders were prioritized for compensation while large holders were overlooked.

Platform response: Manual review affects progress, compensation order has been dynamically adjusted

In response, Roy explained that the compensation process officially started on February 8, and prior to that, it could not be advanced due to the platform being attacked. Roy stated that the workload for compensation is enormous because each compensation needs to go through manual review, including debt confirmation, amount verification, and conversion to SOL tokens for payment. Therefore, although it was originally planned to process about 300 victims daily, due to the cumbersome manual review, the DEXX platform could not process all compensation requests in a short time.

Regarding the compensation order, Roy further clarified the DEXX platform's original plan: compensation would be divided into several tiers based on the amount of loss, starting with users under $1,000, and then processing higher amounts sequentially. However, as the compensation work progressed, the platform realized the emotions of the victim community and made adjustments, inserting some large user compensations into the small compensation process to accelerate the overall compensation speed.

Large user compensation issue: Platform claims to have communicated with large users, plans to resolve gradually

The issue of large user compensation is particularly sensitive. Roy stated that the platform had held several communication meetings with victims who lost over $100,000 in December 2024. The platform clearly stated that although the compensation timeline has been adjusted, the compensation for large victims will not be overlooked. Since large compensations involve significant amounts, the platform cannot compensate all large users at once, so it has adopted a method of negotiating separately with large holders.

Haila's core questions: Compensation progress and fund transparency

Despite Roy explaining the workload of compensation and the adjusted plan, Haila still raised several core questions, especially regarding compensation progress and fund transparency.

1. Unclear compensation progress: Haila stated that she cannot know how many users the platform can compensate each day, how much each person will be compensated, or when the compensation will be fully completed. She pointed out that the DEXX platform had issued over 2,300 NFTs to stolen users, but the platform mentioned over 8,000 addresses, which confused Haila, who believes that these stolen data should have been verified, questioning why compensation has been delayed.

2. Fund transparency issue: Haila also mentioned that the DEXX platform had announced it raised $15 million, which theoretically should cover most compensation needs. However, she questioned whether these funds have been received, and if they have, why the compensation progress remains slow. She requested the platform to provide clear information on the flow and use of funds.

3. Transparency of compensation announcements: The platform had stated it would list the NFT addresses compensated daily in the announcements, but she has not seen any related information to date. She questioned whether there is a lack of transparency in the compensation process and demanded that the platform ensure that every compensated NFT address is made public to increase transparency.

4. Loss compensation plan: For users with significant losses, the DEXX platform had stated it would use platform tokens to compensate those with larger losses, but she hopes the platform can clarify the standards and applicable scope of compensation as soon as possible to avoid leaving users in uncertainty.

Platform response: Funds are gradually arriving, compensation plan is being formulated

In response to Haila's questions, Roy provided further explanations. He stated that although the platform raised $15 million, these funds did not arrive all at once but are coming in gradually. The DEXX platform did not receive all the funds at once, which has also affected the progress of compensation. Roy acknowledged that while the existing funds are sufficient to cover 80% to 90% of user compensation needs, large compensations still need to be processed gradually.

Regarding fund transparency, Roy explained that due to confidentiality agreements, the DEXX platform cannot disclose detailed information about the flow and transfer of funds. However, he clearly stated that the existing funds are entirely sufficient to cover most victims' compensation needs.

Regarding compensation announcements, Roy promised that the DEXX platform would release detailed compensation progress through official channels in the coming days, ensuring that every victim can see whether they are on the compensation list, and specific compensation amounts and NFT addresses will also be made public.

Regarding the loss compensation plan, Roy revealed that the DEXX platform is designing a compensation mechanism to compensate those who have suffered significant losses due to market declines in the form of platform tokens. Compensation will be allocated based on the degree of loss, with larger losses receiving higher compensation amounts. The DEXX platform expects to announce specific compensation details in the coming weeks and provide users with a query tool to facilitate checking their eligible compensation amounts.

Although Roy has tried to explain the difficulties in the compensation process and promised to expedite the handling progress, Haila and other victims still have significant doubts about the transparency and progress of the platform's compensation. However, the current compensation strategy is still being adjusted; although some compensations have already begun to be paid, most victims are still waiting. Especially regarding fund transparency and announcements, the DEXX platform still needs to take clearer and more open measures to reduce user distrust.

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