LBank Lead Seven-Party Coalition in $15 Million Donation Drive for DEXX Recovery
Singapore, Singapore, February 8th, 2025, Chainwire
SINGAPORE, February 8, 2025 – LBank, a leading global cryptocurrency exchange, is leading the $15 million donation initiative for DEXX recovery, joined by MEXC Ventures, HashKey Capital, SevenX Ventures, and Mask Network. The $15 million donation will be used to compensate users affected by the DEXX attack, and compensation has been started simultaneously.
This 15 million donation initiative has united key players from across the crypto industry. LBank and MEXC Ventures are offering financial support and sharing a common vision for the future of memecoins. They reflect the evolution of memecoins from simple community tokens into powerful drivers of engagement and value creation. Other participants are contributing their expertise in various ways: Mask Network, SevenX Ventures, and HashKey Capital all recognize the value of memecoins and are united in driving their prosperity, each contributing their expertise to enhance technical support and ecosystem development.
To ensure the effective and transparent allocation of these funds, LBank and MEXC Ventures have established the Meme Prosperity Committee to ensure that all donated funds are utilized exclusively for compensating users impacted by the DEXX incident.
DEXX, an innovative on-chain trading terminal, suffered an attack on November 16, 2024, the leakage of private keys resulting in the unauthorized transfer of substantial user funds. On December 6, DEXX announced that 80% of its daily platform revenue would be allocated to user compensation. To further expedite the reimbursement process and rebuild user trust, DEXX officially opened its dedicated compensation portal on December 14, 2024, and has now opened the compensation NFT staking portal on February 5, 2025, allowing affected users to stake NFTs and participate in the subsequent compensation plan.
LBank’s team has emphasized that the donation process will adhere to principles of transparency and accountability, with real-time updates on the compensation progress. This initiative underscores LBank’s commitment to fostering the sustainable development of innovative on-chain meme products.
This is not the first time LBank has demonstrated its dedication to supporting the crypto community. In March 2024, LBank launched a donation initiative for SLERF. Throughout 2024, LBank has successfully listed high-quality assets such as GOAT, MOODENG, AI16Z, and VIRTUAL, while establishing a strategic ecosystem partnership with GMGN.AI to further explore and unlock the potential of meme projects.
Through this latest donation to DEXX, LBank once again highlights the vital role that cryptocurrency exchanges play in safeguarding and nurturing innovation in the crypto landscape. This effort reflects LBank’s unwavering belief in the transformative power of innovation and their capacity to drive change and create value in the crypto market.
About LBank
Founded in 2015, LBank is a leading global cryptocurrency exchange, serving over 15 million registered users in more than 210 countries and regions. With daily derivatives trading volume of more than $67 billion and support for over 800 cryptocurrencies, LBank is committed to delivering a comprehensive and user-friendly trading experience. Through innovative trading solutions, LBank has helped users achieve average returns of over 130% on newly listed assets.
As a pioneer in the Meme coin market, LBank has listed over 240 mainstream Meme coins and 40 Meme gems, with several achieving gains of over 500%. As the industry leader in first-time Meme coin listings, LBank has become the go-to platform for Meme coin investors.
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