CoinW CTO has confirmed that the exchange has fully compensated users affected by abnormal price fluctuations
RRecently, there was a short-term perpetual contract price anomaly in CoinW (one of the oldest cryptocurrency exchanges), which caused some users to lose positions.
The CTO of CoinW responded to this by saying:
“The short-term contract price anomaly was caused by the cloud service’s underlying data upgrade over the weekend. There was an interruption in the data synchronization migration, which which prevented some users from synchronizing the position limit setup function for copy-trading, which prevented some users’ positions from being limited and made these trades abnormal.As a reliable trading platform, CoinW promises to bear the losses of affected users, not to evade blame and to be responsible for its commitments”.
The importance of crypto asset exchanges as a link between users and crypto assets is obvious. However, due to extreme market conditions or emergencies, any platform may experience major or minor issues.
The central point in measuring whether a platform is trustworthy is whether it always puts users’ interests first when handling issues. As a credible and safe trading platform, CoinW promises that it will be responsible for the losses caused to users, due to platform issues, and will treat users’ interests as the best principle.
After quickly completing data collection, CoinW immediately tracked and fully compensated lost users. As of September 2, the platform had 100% completed the compensation of affected users and ensured that the interests of users were safeguarded. In order to appreciate the users for their support and trust, the platform unconditionally dropped the super bonus of 50 USDT to all affected users.
Due to the mismanagement of the technical migration plan, which caused a bad experience for users, the CoinW platform is fully responsible for this accident. At present, the underlying database upgrade has been completed, and the future upgrade plan will continue to be optimized to ensure a safe and stable platform for users.
CoinW has also set up an insurance fund to fully protect the interests of users. If there is a subsequent loss caused by the exchange due to the errors of the platform, the platform will continuously bear full responsibility.
In addition to accountability, CoinW always believes that security is the exchange’s top priority, and the technical team has professional blockchain development and maintenance capabilities.
The platform has more than 100 security and risk control measures to ensure the security of the trading system; at the same time, the HyperLab was established, which is committed to developing various advanced security technologies for crypto assets to ensure the safety of user funds.
Moreover, in terms of compliance, while strengthening internal self-regulation, CoinW is also actively applying for licenses in many countries and regions around the world. At present, it has USA MSB, Singapore MAS, Canada MSB, Lithuania Financial Regulatory License, ABU Dhabi FSRA, SVGFSA and other licenses.
With the advantages of stable security, innovative product system, full compliance, advanced technical level, perfect green construction, good user experience and strategy of global development, CoinW strives to consolidate the brand position in the international market, continue to provide professional services to global users to achieve genuine differentiated competitive advantages.
Responsibility and success go hand in hand. Taking responsibility will bear the pressure, and the pressure will generate motivation. As a powerful, responsible and visionary platform, CoinW will definitely stand out in the future and lead the new trend of the cryptocurrency market.
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