A Sincere Apology and Explanation: Incident Report and Future Security Measures

Dear Toobit Users,

We sincerely apologize for the inconvenience caused by the recent incident. Your trading experience is our utmost priority, and we understand the disruption this may have caused. We strive to be transparent and responsive in times like these, as we believe that even when problems arise, it’s our swift response and commitment to resolving issues that set us apart from other exchanges.

What Happened and Our Immediate Actions

On October 3, 2024, at 3:37 pm (UTC), we encountered a server issue that led to irregularities in the BTC and ETH prices. Within one minute, our team identified the problem. By 3:40 pm (UTC), we realized that this issue could not be resolved quickly. To prevent further impact, we made the decision to suspend BTCUSDT and ETHUSDT futures trading at 3:50 pm (UTC).

Our team immediately switched to a backup server and resolved the issue completely by 5:30 pm (UTC). Our priority throughout this process was to minimize impact on our users and secure the integrity of trading.

Compensation Plan: Ensuring No Financial Losses

Compensation=(Actual Trading Difference−Affected Trading Difference)×Number of Contracts×Contract Size

We assure you that all affected users will receive the appropriate compensation, and no financial losses will go unaddressed. Detailed compensation will be distributed to users' accounts within 3 working days.

Our Commitment to Future Security

This incident has been a learning experience for us, and we are taking immediate steps to prevent similar issues in the future. We are launching a comprehensive incident report and taking measures to safeguard trading activities. To further enhance our security measures, we are implementing our new security plan, Toby, designed to provide an additional layer of protection for our platform.

Additionally, we are expanding our bug bounty program to identify potential vulnerabilities before they impact our users. Your trust and security remain our top priority, and we are fully committed to maintaining a high standard of safety and transparency.

We deeply appreciate your patience and understanding as we continue to improve our services. Thank you for being a part of the Toobit community.

Sincerely,

The Toobit Team