DragonEX, a Singapore-based cryptocurrency exchange that was hacked in March of 2019, has been rebuilding its exchange and recouping losses from the hack. Back in October, the exchange was forced to stop deposits and withdrawals. DragonEX has now introduced a temporary solution to its issues.
In an update, the exchange announced it would resume withdraws via a ‘DragonEx Withdraw Quota’ token called DWQ. Each DWQ would represent a value equivalent to 1 USDT. The official announcement reads,
“DragonEx has been actively seeking external investment recently. However, the process takes time, and uncertainty exists as well.
To shorten the waiting time, DragonEx plans to restore token withdrawal through a temporary solution gradually.”
The withdrawal token would be available to the customers via various means, including trading, mortgage loans, or deposits. The exchange also reported that it would launch a DWQ/USDT pair by November 15th to make it easier for customers to acquire the DWQ tokens.
One of the spokespersons from DragonEx noted that these measures are temporary, and once the long forgoing issue from the past month sees an end, normal trading would resume on the platform.
DragonEx Has Not Enough Time On Hand
The Singaporean crypto exchange has struggled in its second run. The crypto exchange was first hacked in March of 2019, which resulted in thefts of approximately $8.8 million worth of digital assets at that time. This resulted in the closing down of the exchange. The platform’s core team worked hard for a year to relaunch the trading service, and last month announced the relaunch with a maintenance upgrade and resumed spot trading.
However, soon after the relaunch of spot trading on the platform, they made another announcement stopping all deposits and withdraws from the platform. The exchange attributed the issue to OKEx’s suspension of withdrawals.
With the stolen funds still missing and the platform’s ongoing technical issues, DragonEx earlier said that they would have to shut down again if the issues were not resolved by November 2nd. The platform also updated that they would burn all the DWQ tokens once they resolve and start the normal deposit and withdrawal services.
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