Details of compensation to fans and users and future actions of xWIN

Good evening everyone, this is Fumi from xWIN. I’d like to thank all of our users and fans for their warm encouragement and support after the flash loan attack the day before yesterday. Today, our executives in Japan gathered in Tokyo, and we continued our meetings globally via ZOOM and SNS. Continuing from yesterday, I would like to report on the status and future of the discussion as of 8:00 p.m. on Sunday, June 27th.

First of all, as we announced on Youtube yesterday, we have decided on the details of compensation to our community at today’s executive meeting. In conclusion, we will be giving out 1:1 xWIN tokens to all users, who staked in xWIN token and XWIN-BNB LP Token in xWIN farm based on the quantity balance staked in the protocol before the flash loan attack with locking period. We will write down in procedure on how to register and claim the tokens separately. But in general, you will register your wallet address on the xWIN platform, and you will see the number of XWIN token entitled for each wallet address. You will be able to withdraw the token by yourself after the unlock period. The funds for this repayment will be based on the diversion from the three discontinued fees announced yesterday. We are considering a lock period of up to one year.

As one of our future action plans, we will engage audit security agent to conduct a audit on our smart contract. As I mentioned yesterday, I would like to emphasize again that the flash loan attack did not hack into the xWIN vaults. We hope you can rest assured about this. As mentioned before, hacker misuse the referral fee service and take advantage of the loophole and causing of the attack. Therefore, at today’s executive meeting, we will work with audit security agent to strengthen the system to prevent the misuse of various services in the future. Details will be reported to you at the appropriate time and in the appropriate manner.

In addition, we are exploring the possibility of insurance coverage for xWIN protocol. Currently, xWIN protocol does not have insurance coverage for this flash loan attack. We have had a meeting with the experts and decided to take appropriate action at the executive meeting.

I would like to take this opportunity to convey few messages to our community. First, we are considering operating xWIN community with an overseas corporation entity. Currently, the xWIN community is operated by individual global members in the form of DAO, without binding to the Japanese corporation. In the future, we will consider establishing a corporation oversea that is most suitable for the operation of our xWIN community, such as Asia or Europe, and having an operation base there. Currently, xWIN has been supported by our global users and fans. We would like to further strengthen this framework and continue our operations so that we can grow together with you. It is also a shortcut to achieving xWIN’s vision of becoming the number one next-generation asset management group in Asia.

Secondly, the plan of listing on overseas exchanges. As we have already announced on SNS, xWIN is currently working on listing on overseas exchanges outside of Japan. We plan to make an announcement on the specific timing of the listing and the details of which exchange it will be implemented on at an appropriate time.

As for the platform, there are no problems with the system at present, but we will continue to suspend its use for a while in order to check it again, including for a period of time outside the company, and to ascertain the quantity to return the favor. We apologize for the inconvenience.

Today, I would like to assure you that although xWIN has experienced a flash loan attack, we will continue to take the concrete actions that we have been considering, step by step, to increase our value without stopping.

Lastly, we are sketching out the detail on xWIN token burning plan. Even though we have not reached a decision on the size of the amount, timing at today’s xWIN executive meeting. But the details will be discussed soon. In general, we will purchase XWIN token from market based on the fee earned in the platform and perform the burning periodically to maintain and continuously support the value of XWIN. We will continue to discuss this within the executive team and make an announcement at the right time and place.

I am very grateful for the encouragement and encouragement I have received from our users and fans. Thank you very much. With our mission and vision firmly at the center, we will make sure that each project is executed. We have a dream, and we will spread this platform around the world. We hope you will continue to support xWIN as you have done so far.

This is my report as of today. Thank you very much.