According to Decrypt, on February 8, 2025, LBank joined forces with MEXC Ventures, HashKey Capital, SevenX Ventures, Mask Network, and other industry pioneers to launch a $15 million donation program for the DEXX project. The program aims to provide compensation to users affected by the attack on the DEXX platform, and compensation has already begun. In addition to user compensation, the program also aims to promote the construction of the Meme ecosystem and innovative incentives.
This donation brings together the core forces of the cryptocurrency industry. LBank and MEXC Ventures share the same vision for the development of Meme coins: they are no longer just simple community-driven tokens but will become an important force in driving community participation and value creation. They are committed to supporting high-quality Meme coin projects, recognizing their transformative potential in the broader cryptocurrency ecosystem. Other participants provide support in their respective fields: Mask Network, SevenX Ventures, and HashKey Capital acknowledge the value of Meme coins and contribute their expertise in technical support and ecosystem development.
To ensure the transparent and efficient use of funds, LBank and MEXC Ventures announced the establishment of the "Meme Prosperity Committee" to ensure that all aid funds are used to compensate users affected by the DEXX incident.
It is understood that DEXX is an innovative on-chain trading terminal that was attacked on November 16, 2024, leading to the leakage of private keys and the transfer of a large amount of user funds. On December 6, 2024, DEXX announced that 80% of the platform's daily revenue would be used for user compensation. To expedite the compensation process and rebuild user trust, DEXX officially launched the compensation portal on December 14, 2024, and opened the NFT staking portal for compensation on February 5, 2025, allowing affected users to stake NFTs to participate in the subsequent compensation plan.
The LBank team has committed to ensuring that the entire aid process remains open and transparent, with real-time updates on the compensation progress. This initiative fully demonstrates LBank's determination to promote the sustainable development of innovative on-chain Meme projects.
This is not the first time LBank has shown support for the cryptocurrency community. In March 2024, LBank initiated an aid program for SLERF. Over the past year, LBank has successfully launched high-quality projects such as GOAT, MOODENG, AI16Z, and VIRTUAL, and has established strategic partnerships with institutions like GMGN.AI, continuously exploring and uncovering the potential of Meme projects.
This assistance to DEXX once again highlights the important role of centralized cryptocurrency exchanges in maintaining market stability and promoting innovative development. It also reflects LBank's firm belief in the power of innovation and its determination to drive the development of the cryptocurrency market and create value.
About LBank
Founded in 2015, LBank is a leading cryptocurrency exchange platform with over 15 million registered users, covering more than 210 countries and regions. LBank derivatives has a daily trading volume exceeding $67 billion, supporting over 800 cryptocurrencies, and is committed to providing users with a diversified and convenient trading experience. Through innovative trading solutions, LBank helps users achieve an average return of over 130% when new assets are listed.
As a pioneer in the Meme coin market, LBank has listed over 240 mainstream Meme coins and more than 40 golden dog Meme coins, with several golden dog Meme coins experiencing increases of over 500%. With the industry's leading number of Meme coin launches, LBank has become the ideal platform for Meme coin investors.
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