Dear WEEX User,
At WEEX Exchange, customers are our top priority, and we take this responsibility seriously. "WEEX values customers, placing 'customer' above all" is not just a slogan; it represents our unwavering dedication to millions of users like you.
As a trading platform that emphasizes safety and user-friendliness, we prioritize the security of your funds. We go beyond words by establishing a 1,000 BTC user protection fund and implementing robust security measures for deposits and transactions at all times. In the face of any losses resulting from platform issues, WEEX does not shy away from taking responsibility or engaging in blame-shifting. Instead, we tackle challenges with courage, promptly assume accountability, and strive to compensate you as quickly as possible.
Looking back on the year 2023, incomplete statistics reveal that WEEX users received a cumulative compensation totaling 4,579,068.80 USDT. These compensations can be categorized as follows:
- Compensation for routine cases amounted to 2,817,790.65 USDT, representing an impressive 61.5%.
- Compensation for announced anomalies accounted for 1,497,921.35 USDT, reflecting our commitment to addressing any unexpected issues and compensating affected users. This accounted for 32.7% of the total compensation.
- Furthermore, compensation for slippage guaranteed reached 263,356.80 USDT, making up 5.8% of the total amount rewarded.
Demonstrating commitment, WEEX Exchange promptly distributes $4.58 million in genuine USDT.
WEEX Exchange's regular user compensation includes two scenarios: individual appeals and abnormal announcements
During daily transactions, if there is a financial loss due to technical issues such as platform lag or market delays, users can contact customer service to fill out an appeal form. They need to provide supporting materials such as screenshots and screen recordings for individual case appeals. If the appeal is successful, compensation funds will be automatically disbursed. If the appeal is unsuccessful, WEEX will notify the user via email, explaining the reasons for the lack of success.
Once abnormalities such as system lag, crashes, or market delays are detected, and upon evaluation, if the lag is severe and has a widespread impact, WEEX will immediately issue an abnormal alert notice. In the notice, WEEX will explain the reasons for the abnormality, the affected time period, and the user appeal process. For users affected during the abnormal period with stop-loss, Market order, or liquidation orders, an automatic review process will be initiated. Upon confirmation through the review, compensation funds will be automatically airdropped into users' accounts within 1 day.
If users have objections, they can retain evidence such as trading screenshots and recordings during the abnormal period, contact customer service, and fill out a form for manual claims.
WEEX Exchange treats all user appeals with impartiality, conducting initial and secondary reviews according to unified review standards. Legitimate claims from users are compensated fully without evasion or shifting of responsibility. However, if users attempt to deceive the platform by using Editing images, falsifying evidence, or making false claims of losses with a mentality of seeking undeserved compensation, after verification by the platform, the users will be blacklisted for appeals as a penalty for dishonest behavior.
According to statistics, in 2023, WEEX had a first-instance compensation coverage rate of 41.49%, a second-instance compensation coverage rate of 31.7%, and a Slippage Guaranteed Compensation coverage rate of 84.29%.
Industry-first: WEEX Exchange's "Slippage Guaranteed Compensation" boasts an impressive 84.29% coverage rate
Slippage Guaranteed Compensation' is a distinctive promotion launched by WEEX Exchange in February 2023 to attract users to engage in mainstream contract trading pairs. It encourages users to actively test the platform's trading depth through real-world transactions. Users can record their screen during Market order position or pending orders, compare the current price with their actual execution price, and apply for a subsidy when the BTC price difference is greater than 2 U or the ETH price difference is greater than 0.2 U.
WEEX has consistently improved and broken through in terms of trading depth. Currently, it has entered the ranks of the world's top exchange liquidity, holding the sixth position in the global CoinMarketCap Average Liquidity ranking. The platform's order book depth and spread are better than most contract platforms, with leading order quantities in the top ten levels for popular trading pairs, making it a benchmark in the industry.
Confident in the advantage of trading depth, WEEX is the industry's first to introduce the 'Slippage Guaranteed Compensation' promotion, allowing users to trade with peace of mind and experience a smooth trading experience.
Looking at the results of the 'Slippage Guaranteed Compensation,' the compensation coverage rate is as high as 84.29%, but the compensation amount accounts for only 5.8%. This also serves as evidence of WEEX platform's depth advantage—high liquidity and low slippage, passing the test of global users.
In turn, with the launch of the 'Slippage Guaranteed Compensation' campaign, user trading activity has increased, further consolidating the platform's order book depth and spread depth. This continuous reinforcement has fortified WEEX's trading depth moat.
Robust upgrades to defense system yield monthly decline in user appeals at WEEX Exchange.
In 2023, WEEX Exchange experienced intermittent external malicious attacks multiple times, becoming a major target for individual case appeals and abnormal announcements.
During the attack, multiple WEEX systems were affected, leading to intermittent service disruptions and causing prolonged inconvenience and trouble for users. The attacker attempted to disrupt users' trust in WEEX by disrupting the platform's normal services, and took the opportunity to spread discrediting rumors such as "WEEX ran away" in order to luring away users. These actions were malicious, unscrupulous, and aggressive, carefully organized and planned, catching everyone off guard. In the initial stages, it indeed posed significant challenges to WEEX and caused considerable disturbance to users.
After detecting the attacks, WEEX promptly established a dedicated response team, taking decisive emergency measures. Day and night, the team adjusted response strategies, strengthened defense capabilities, and ultimately ensured the security of user assets and data. On the contrary, WEEX confronted the issue head-on. They promptly released abnormal notices, expressed apologies to affected users, and took proactive steps to compensate for any losses resulting from disrupted transactions. This genuine and transparent response not only earned the trust of users but also thwarted the attackers' efforts to manipulate users and create discord.
Looking at the monthly data for the first-instance compensation amounts in individual case appeals, April and May 2023 marked the initial peak of user appeals, with compensation amounts reaching 438,063.3 USDT and 437,896.75 USDT, respectively. During that period, WEEX was frequently targeted by external malicious attacks and endured a barrage of rumors, including the 'WEEX scam' narrative.
Looking at the monthly data for the first-instance compensation amounts in individual case appeals, April and May 2023 marked the initial peak of user appeals, with compensation amounts reaching 87,612.66 U and 87,579.35 U, respectively. During that period, WEEX was frequently targeted by external malicious attacks and endured a barrage of rumors, including the 'WEEX scam' narrative.
August is the second peak period of attacks and also the peak of compensation for the entire year. At that time, the industry experienced the devastating market crash on 8/18. Bitcoin consecutively breaching key levels of $30,000, $29,000, $28,000, $27,000, $26,000 , and $25,000 within a short period of time, with the lowest point plummeted to 24593.2 USDT, leading to a liquidation of over 1 billion USD in contracts within 24 hours. At this critical juncture, WEEX faced another large-scale attack, affecting numerous users' transactions.
Misfortunes never come singly, but WEEX with a sense of responsibility, promptly compensated the affected users. In that particular month, the first-instance compensation amount alone reached a high of 579,584.40 USDT. This demonstrated the commitment to putting customers first and taking responsibility for users through immediate actions. Once again, it shattered the conspiracies of the attackers.
Learning from the painful experience, and to completely eliminate the potential risks of external attacks, WEEX collaborated with top-notch global security teams. In September 2023, they deployed and launched an industry-leading high-defense system, achieving a comprehensive upgrade of the defense system. Since the deployment of the high-defense system, its effectiveness has been outstanding. It possesses the capability to withstand unlimited traffic, successfully defending against all subsequent attacks and restoring a smooth platform access experience. This is validated by the user compensation data, with first-instance compensation for individual case appeals experiencing a five-month consecutive decrease from September to December
On the other hand, in 2023, WEEX accelerated the pace of listing (listing a total of 116 contract trading pairs and 99 spot trading pairs throughout the year), launched Contract Pro , and implemented additional features such as shared margin. At the same time, WEEX continued its strong growth momentum in 2023, with a peak monthly user increase of 100%, consistently breaking daily active user (DAU) records. In terms of industry rankings, WEEX made its way into the top 10 derivatives exchanges on CoinMarketCap (CMC) and ranked within the top 20 globally on Non-Fungible Tokens (NFT) Overall Ranking on Feixiaohao.com.Also have a good rank on Cryptowisser.
From Strength to Strength: WEEX Exchange's Journey of Success, Innovation, and Unmatched User Satisfaction
As product features expand and user activity grows,cryptocurrency/blockchain trading platforms often face system burden and performance issues, resulting in lags and delayed responses. However, through a comprehensive upgrade of our defense system, WEEX Exchange has achieved the opposite effect - a decrease in abnormal conditions and user appeals despite increased system load.
Recognizing that the security of user funds is paramount to building trust, WEEX prioritizes user confidence and reputation. As a relatively new exchange, we understand the challenges in gaining user trust. Despite setbacks, we have remained committed to our users, actively assuming compensation responsibilities, and maintaining safe and transparent operations.
Looking back on the past year, WEEX has delivered outstanding results across various dimensions. Our user base, trading volume, listings, product iterations, and industry rankings have all shown remarkable growth. This success is a testament to our unwavering dedication to providing an exceptional user experience and ensuring maximum security.
Join WEEX Exchange today and experience the difference by click: https://www.weex.com/en/download. Be part of the millions of satisfied users who have witnessed our unwavering commitment to customer satisfaction, security, and timely compensation. You must be know that your trust is our driving force, and we will always prioritize your needs at every step of the way.
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