In the last few days, a great deal of fraud has impacted the entire crypto industry, and we feel it's our duty to speak out. We always knew terrible actors existed in our space when we set out to create an exchange that was unlike any other and promote transparency within the industry. We want to be as transparent as possible with our users, so we created an exchange that assigns a date and time stamp to your personal account's audit. This verifies our reserves for every account and lets users know their money is secure. We did this because too many people in our industry only care about greed and arrogance.
Unfortunately, only one other exchange has implemented this practice, as it would help prevent people's funds from being blended and used for the founder's / investors' gain. With so many exchanges, we must raise awareness of this issue and encourage more exchanges to adopt this policy. The actions of certain companies in the last few days are not the last time we will see bad actors flushed out in our space.
Our goal is not only to provide our users with the best experience possible on mobile and desktop but also to ensure that their experience is safe and secure, both globally and personally. The crypto market has been struggling with bad actors for a while now, and the future can only be brighter when they are flushed out. These bad actors create coins for their exchanges or make worthless coins and try to pass them off as being backed by assets. The value of these "meme" coins comes solely from the company that creates them and is arbitrary, but our partnership with RoRa Holdings will change the landscape.
The RoRa coins are backed by assets that will be audited and have tangible value, and we are diligently working on the background details for these audits as we approach our launch. The assets give the coins an actual median value that can be transferred and leveraged. The primary reasons these coins have yet to be released are accountability for every dollar, auditing of every investor and asset, and an extensive KYB process for any person related to the assets. The last step is an audit from our partners to verify the worth we have given the asset. In the past, when the coins were first created, people gave all sorts of "interesting" assets that had no real value except to the person who held them. Reviewing these assets created massive delays, but our go-to-market assets have real-world value and can be audited by a reputable firm and our backing partners. By doing this, when the coins are released, they will not lose value and can be traded freely in the open market.
Our users will be able to see these audits on our site and the auditing firms' site, which will be updated every three months. We want to have the most transparent exchange possible, which means anyone operating on our platform needs to meet the same standards of transparency, and that's why all users must pass KYC even to trade. Today, NYXEX is pledging to make our platform the most transparent in the industry and help fight fraud in our space.
With that being said, we are going to do the following.
* At the start of our project, we ran into many fraudulent "investors," claiming to have billion-dollar liquidity pools or people who know someone who could bring them to the table. Instead of pursuing them as we knew they were frauds, we turned them away and did nothing else. But after what happened in the last few days, we can't sit back and do nothing with this information and will turn these names and individuals over to the proper authorities in each region to pursue. Their days are numbered...
* NYXEX has also created a new email ( firstname.lastname@example.org )where people can send tips about fraudulence they might come across related to our industry. Some examples of fraud include people making fake coins that hold no value or pretending to be investors to make more money for themselves. We're taking action against this by handing over all complaints to the local authorities so that users can stay safe financially. Enough is enough. We can create the most transparent exchange on the market and also take these bad actors out by reporting them to the proper authorities.
Finally, we advise everyone to take their coins off other exchanges and put them in cold storage until market volatility dies. Cold storage is easy and relatively inexpensive--you can buy a device from your local computer store or Amazon for around $100, then lock it up in a safe.