CoinWind
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CoinWind

CoinWind Compensation Plan

December 24th, 2021

I. Background

On October 30th, BXH.COM, a decentralized transaction protocol deployed by multiple chains, was stolen in the BSC chain due to unknown reasons. After the incident, BXH.COM handled most of the residual value in a very unequal manner. As of December 23rd, 2021, CoinWind still has a lot of funds invested in BXH.COM that have not been retrieved, and the details will be shown in the second part of this article.

II. Updates of the data of funds to be retrieved from each chain

  1. HECO Chain assets that have not been retrieved yet

Updates of HECO chain asset:
1) BXH.COM first time resumed HECO chain deposit and withdrawal: CoinWind developed a script to automatically withdraw funds. When BXH.COM resumed the HECO chain deposit and withdrawal for the first time, it had already retrieved the maximum amount of BXH.COM deposits in the pool, but for USDT and HBTC Tokens, there were only a small part was successfully being retrieved due to the insufficient amount supplemented by the BXH.COM pool;

2) BXH.COM second time resume the HECO chain deposit and withdrawal: During the communication with Wang Bin, the person in charge of BXH.COM, he claimed that [Due to the request of the local police, the residual value of HECO chain, CoinWind needs to be temporarily deducted, which will be later than BXH distributed by retail investors]. After hearing this news, CoinWind has always held a skeptical attitude. On December 16th, CoinWind and Hengyang police obtained confirmation that the police never asked Wang Bin (BXH.COM) to seize the residual value of CoinWind in the HECO chain.

CoinWind shared this message to Wang Bin on December 16th, and he didn't reply to CoinWind anymore after December 17. As of now, BXH.COM and Wang Bin have not returned the assets that should have been returned to CoinWind in the HECO chain.

2. BSC Chain assets that have not been retrieved yet

*Note: The amount that has been retrieved is calculated based on the actual value issued to users after the position adjustment

Updates of BSC chain asset:

At 10 PM, November 28, 2021 SGT, BXH.COM officially resumed the proportional withdrawal of part of the residual value of the BSC chain. CoinWind retrieved part of the residual value from BXH.COM according to 40% of the asset U standard.
Based on the assets retrieved, and combined with the suggestions of some users in the community, CoinWind has returned the assets retrieved from the BXH BSC chain on November 30 in accordance with the [token standard unified ratio], and all tokens are based on [40%] ratio to users for the exchange of residual value (Dtoken).

Update of remaining residual value of BXH.COM in the BSC chain:
As of December 23rd, the remaining residual value of BXH.COM in the BSC chain still has 13 million USDT, which is deposited to the following contract address:
https://bscscan.com/address/0xa67ef3ACA6727793Dac8f418De68727a79B99289

CoinWind strongly urges BXH.COM to return the remaining residual value of the BSC chain to users as soon as possible and strongly condemns the robbery for forcibly detaining user assets.

3. ETH Chain assets that have not been retrieved yet

Update of ETH chain asset:
With the active efforts of CoinWind, the ETH chain has retrieved more than 95% of the invested tokens from BXH.COM; currently, the remaining 38.88 WBTC cannot be retrieved due to insufficient assets supplemented by BXH.COM in the ETH chain.

4. Multi-chain investment in BXH that haven't been retrieved

III. CoinWind Compensation Plan

1. Background:
On December 13th, BXH.COM updated [Thinking about the follow-up solution to the stolen incident] in its community. As of now, BXH.COM has not yet issued a formal compensation plan and announcement! The behavior of BXH.COM evading responsibility has left our users in a state of waiting and anxiety for a long time. After waiting for nearly two weeks again, CoinWind decided not to wait for the “reasons” from BXH.COM, and we will do our best to be responsible to CoinWind users.

On the basis of the compensation solution announced by the other party, we will additionally use the form of Ctoken staked mining to accelerate the return period of CoinWind users and minimize the loss to users.

This time, we will first open the compensation plan for CToken mining for BSC chain users. It is expected to be officially deployed and launched at 5 PM, December 27th (UTC+8). The HECO chain and ETH chain processing plans will be announced separately.

2. Ctoken mining compensation pool

After opening the deposit and withdrawal of the BSC chain in the early stage, CoinWind completed the migration of user data and assets from COW strategy V1 to COW strategy V2 through contract migration (manual operation required by the user); after the successful migration, users’ wallet addresses will be automatically received corresponding token and corresponding number of Ctoken. Users affected by the theft will be able to use Ctoken for mining and get compensation over time.

It should be noted that users must pair their newly received Ctoken with the corresponding token in the CoinWind Ctoken area at a 1:1 ratio and successfully deposit them in order to receive additional compensation from CoinWind. The expected rate of return for each token in the CoinWind Ctoken area will increase by a certain percentage on the basis of the normal rate of return of the corresponding single token mining. For details, please refer to the real-time rate of return on the product page.

3. Use the COW from Team and Investors for compensation

The CoinWind team will use 5 million COWs (~$10 million) from each of the Team’s and Investors’ shares to provide additional compensation to affected users.

Since its launch, CoinWind team and investor quotas have never been unlocked, released, or sold. Users can check through the following team and investor lock-up contract addresses:

Team Token contract address:
0x4116dDbA5eA766A582dA42588F46c43d3d49063A

Investor Token contract address:
0xEd88a0169569C77DE948a85a1CA5E42A24f00577

4. Dtoken asset exchange

Once the remaining residual value is retrieved from BXH.COM or Token compensation is obtained, CoinWind will immediately put the retrieved assets into the Dtoken asset exchange pool and open it to all users for proportional exchange. We will also make an announcement as soon as possible.

DeFi is a great financial innovation, but it also comes with risks and opportunities.

CoinWind is a platform that focuses on DeFi smart single token mining. The core strategy is to automatically match the single token pledged by users through smart contracts, and cooperate with the impermanent loss hedging strategy to effectively hedge the impermanent loss of LP mining. Under normal circumstances, most of the tokens CoinWind invested by users is formed through smart contracts to form LPs and then invested in DEX for liquidity mining.

On October 28, Binance launched a new token mining activity. A large number of BNB and BUSD assets in the CoinWind protocol have flowed out, resulting in a decrease in the LP matching rate and an increase in idle single coins. In order to increase the rate of return on assets, we invested tokens into the BXH single token pool for mining. We did not expect an unexplained theft of BXH.COM. We deeply blame ourselves for this decision and have deeply reflected on it.

This incident caused a heavy blow to users and the CoinWind team, and also experienced an unprecedented test. Thank you very much to everyone who assisted CoinWind in recovering assets in this incident! Once again, we would like to apologize to all users affected by this incident. Thank you for your continued support and trust. We are doing our best to take responsibility.

CoinWind has carried out protocol iterations and risk control upgrades to ensure asset security and provide users with stable income. We hope that with your trust, CoinWind can set sail faster and move towards a better future!

CoinWind team
December 24th, 2021

· CoinWind Website (Start Mining)

· CoinWind Twitter and Telegram Channel (For the latest news)

· CoinWind Telegram Community

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