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DragonEX Crypto Exchange Mulling To Shut Shop

In an official statement, DragonEX crypto exchange said that they are planning to shut down. DragonEx has completed the maintenance and upgrade of the platform currency system, and has now resumed spot transactions (including currency, leverage) services except for a few currencies.

DragonEx was hacked on March 24, 2019, resulting in the theft of platform assets. The stolen assets were converted into approximately 8.8 million USDT at the current currency price (BTC≈5190USDT, ETH≈168USDT). After obtaining 6.7 million USDT financing in installments, the transaction was restarted. 

After more than a year of hard work, although certain gains have been made, the stolen assets have not been recovered, and as the price of the stolen assets rises and repurchases DT Consumed, the balance of assets doubles, and there are still millions of USDT in the conversion of the current currency price (BTC≈11780USDT, ETH≈368USDT). After the sudden outbreak of the OKEX incident, a large number of users had a crisis of trust in the centralized exchange, which triggered a run, which quickly deteriorated the platform's provision level.

At this point, the team had to make an extremely difficult decision to suspend the recharge and withdrawal services of all currencies on the platform. At the same time, the platform will work hard to find a restructuring plan. If the reorganization is successful before November 2, 2020 (tentative), the platform will gradually resume deposit and withdrawal. If the reorganization fails, the platform will start the aftermath plan and carry out the clearance work.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.