BXH‘s latest announcement on compensation program 30 Sep 2022
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Dear BXH users.
Since BXH DeFi platform was hacked on 21 Sep. Once again we suffered a Flash loan attack on 27 Sep, With the amount of loss about 40,000 USDT. Although the amount of loss from the Flash loan attack wasn't a huge loss, It left the BXH team internally completely disappointed with the direction of the DeFi platform's business. Combined with the recent security incidents in the DeFi sphere, where Wintermute had about $160 million stolen from DeFi operations, and the New York Times published a column stating that over $2 billion in digital currency was frequently stolen by hackers in the DeFi platform space within 6 months of this year and openly questioning the security of the DeFi product at this stage.
In fact, Since it inception, DeFi sphere has been riddled with theft incidents that are impossible to prevent. BXH's internal assessment is that with the current DeFi technical team and the maturity of the DeFi industry, We cannot guarantee that such incidents will not happen again, Nor can BXH users and team afford to have another hack event. Prior to this hack event, BXH has created a CeDeFi One-stop financial services platform. The BXH Exchange has been in trial operation for 3 months, and the BXH Exchange is about to be ready for official operation. After careful evaluation, BXH decided to adjust development strategy to drop the DeFi product and focus on CeFi product, and all current DeFi functions such as Compensation program and Staking pool will be transferred to the Exchange. After BXH internal discussion, If the function development progresses smoothly and swiftly, the vToken First-time compensation program will be transferred to the BXH Exchange to complete remaining work, If the function development takes longer, the vToken First-time compensation program will continue in the current manner. The vTokens that have completed the First-time compensation program will be listed on the BXH exchange, including but not limited to Recharge, Staking, Compensation program, and Trading functions, in order to enable users whose assets have been lost to get their funds back safely, easily, and quickly. Currently, the DeFi platform has suspended income output of the staking pool, and we will also compensate the staking income at the original interest rate in a One-time manner while the Exchange is open for vToken recharges. On AVAX, HECO, and OEC chains‘s users who holding BXH tokens can map their BXH tokens to the BXH Exchange according to the snapshot of their assets before the hack. Users whose assets were lost in the Liquidity Provider pool and Cross-chain bridge will also receive compensation within the BXH Exchange. We will release detailed rules announcements to the community one by one, Once BXH has internally evaluated the implementation plan and completed all preparations.
Thank you for your understanding and support. Since then, BXH DeFI is officially exiting and BXH CeFI will start a new journey!
