Announcement on the adjustment of coin withdrawal function

2022-06-16 04:00:50

Fellow AEXs:

 

Yesterday, we released the “Announcement about the delay in withdrawing token on June 14“. The original intention was to explain the reasons for the platform to customers and alleviate customers’ concerns, but it caused some improper interpretations and speculations, and caused some customers to panic and withdraw funds. Therefore, it is necessary for us to adjust our market strategy.

 

This withdrawal delay problem is caused by a series of events:

1.The USDT/USDC stored by AEX for mining on the Curve platform was exchanged by UST after the collapse of UST, resulting in a loss of short-term liquidity assets.

2.Some third-party quantitative institutions have a certain degree of net worth withdrawal under extreme market conditions. Although most of them have signed capital preservation agreements, the contracts are generally signed on a one-year basis, and the time limit has not expired. AEX unilaterally interrupts the contract and withdraws assets. Principal Guarantee.

3.Due to the downturn in the economic environment, the repayment speed of customers in the mining machine allocation business and pledge loan business has been delayed.

4.Institutions such as LUNA, CEL, and 3AC crashed continuously, causing market panic and causing a large number of customers to exit the market.

5.The temporary failure of the multi-signature server caused a delay in the withdrawal of coins on June 14, causing market concerns.

 

AEX normally allocates assets based on 20% of short-term assets, 30% of medium-term assets, and 50% of long-term assets. Since the collapse of the LUNA project in mid-May, the total market value of AEX’s outflows of various assets has reached 450 million USDT (including the withdrawal of cooperative institutions). The above events quickly consumed AEX’s short-term liquidity assets and some medium-term assets, resulting in withdrawal delays question.

At present, the total amount of AEX assets is still enough to redeem all users, but some medium and long-term allocation assets cannot be redeemed in the short term. These assets include third-party cooperative financial institutions (about 550 million U), mining machine assets (about 310 million U), chain Pledge mining assets (about 110 million U), external pledge loans (about 230 million U), and others (about 80 million U). The black swan incident caused by the LUNA project has caused the plight of many institutions. Dozens of institutions represented by CEL and 3AC have encountered liquidity pressure more or less. Ability, AEX is confident to readjust the asset allocation structure and return to normal as soon as possible.

In order to avoid unnecessary panic withdrawal, causing greater liquidity pressure and unnecessary market sentiment, we will suspend mainstream currencies (BTC/ETH/LTC/EOS/DOT/BCH/DOGE/SOL/FIL/USDT /USDC) for 36 hours, and launch a new response plan within 36 hours, while benefiting affected customers. Deposits and withdrawals of other currencies are not affected.

AEX has operated safely for 9 years, with the mission of protecting the safety of customer assets and helping customers to increase their value. On the occasion of this 9th anniversary event, we originally planned to tour around the world, but such an accident occurred, which made us feel deeply guilty. It is because we were not well prepared that added worry and annoyance to you. Sorry, we will try to make up for your experience.

I hope everyone will continue to trust and support the development of AEX. We will launch the commemorative “AEX Shareholder Badge NFT” in the near future, limited to 1,000 copies and enjoy some shareholder rights. Welcome everyone to pay attention.

 

Risk warning

Digital assets are innovative investment products whose prices may fluctuate violently.Users are requested to rationally judge their risk tolerance and make decisions prudently.

AEX Operation Team

The closer you look,the further you see.

June 16, 2022 (UTC)

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