XinFin Co-Operating with AlphaEx on Hot-Swap Wallet Hack on AlphaEx Exchange.

On the morning of December 3, a hot-swap wallet on AlphaEx Exchange with over 300 Million XDCe was hacked. XDCe is an ERC-20 token that is swappable 1:1 on Alphaex exchange with XDC, Xinfin’s network mainnet coin. The subsequent dumping of the stolen XDCe by the hacker on decentralized exchanges threw the price balance of XDCe out of equilibrium with its more secure counterpart XDC, resulting in a significant price drop of XDCe. As a result of this drop, many people rushed to buy the lower-priced XDCe in hopes of exchanging them 1 for 1 with XDC.

At no time were customer funds compromised.

Having 2 tokens under these circumstances has created a unique challenge as we have worked to resolve the issues surrounding this hack and implement a solution that supports our community’s success moving forward. During this time, AlphaEx has put forth a plan to allow the swap of the purchased XDCe tokens by the community in an effort to honor the 1:1 swap.

As of Dec 15th, Alphaex has reopened the exchange to restart deposits and withdrawals and start to process the swap of XDCe purchased from the time of the hack through Dec 6th 5:30 GMT, for XDC.

Xinfin is cooperating with AlphaEx. In addition, Xinfin has pulled liquidity from exchanges selling XDCe in an effort to stop the sale of stolen tokens. In all of this, Xinfin will keep working in the best interests of the community. We thank you for your continued patience and we are grateful for all of the support that we have received.

To learn more about AlphaEx’s efforts in responding to the hack you can visit https://www.linkedin.com/pulse/proposed-xdcexdc-swap-allocation-community-alphaex-net

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