Singapore, 2 September, recently, there has been a short-term perpetual contract price abnormality in CoinW (one of the longest-standing cryptocurrency exchanges), which has caused some users' positions to be lost.
The CTO of CoinW responded to this saying; “The short-term contract price abnormality was caused by the underlying data upgrade of the cloud service over the weekend. There was a break in the data synchronization migration, which caused some users to fail to synchronize the position limit configuration function for copy-trading, resulting in some users' positions not being able to be limited, and caused these trades to be abnormal. As a reliable trading platform, CoinW promises that it will bear the losses of the affected users, not to shirk the blame, and to be responsible for its commitments".
The importance of crypto asset exchanges as a link between users and crypto assets is self-evident. However, due to extreme market conditions or emergencies, any platform could have major or minor problems. The core point of measuring whether a platform is reliable, is whether it always puts the interests of users first when it handles problems. As a credible and safe trading platform, CoinW promises that It will be responsible for the losses caused to users, due to platform hiccups, and will deal with users' interests as the best principle.
After quickly completing the data collection, CoinW immediately followed up and fully compensated the lost users. As of September 2, the platform has 100% completed the compensation of the affected users, and ensured that the interests of users are guaranteed. In order to appreciate users for their support and trust, the platform has unconditionally airdropped the 50 USDT super bonus to all affected users.
Due to the poor management of the technical migration plan, which caused a bad experience to 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. In addition, CoinW has also set up an insurance fund to fully protect the interests of users. If there is any subsequent loss caused by the exchange due to the platform errors, the platform will continually take full responsibility.
In addition to responsibility, CoinW always believes that security is the top priority of the exchange, 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 has been established, which is committed to developing various cutting-edge security technologies for crypto assets to ensure the security of user funds. In addition, 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 the MSB of the United States, MAS of Singapore, MSB of Canada, Financial regulatory license of Lithuania, FSRA of ABU Dhabi, SVGFSA and other licenses.
With the advantages of stable security, innovative product system, comprehensive compliance, leading technical level, perfect ecological construction, good user experience, and global development strategy, CoinW strives to solidify the brand’s international market position, continue to provide professional services for global users to achieve real differentiated competition edges.
Responsibility and success go hand in hand. Taking responsibility will bear pressure, and 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.