Dear valued SnapEx Users and Partners,
Firstly, we would like to thank you all for your continued trust and support for SnapEx.
We want to take this time to talk about some important issues on SnapEx and to shed some light on our plans for the future development of the platform.
SnapEx was established in late 2018, and a lot has happened since then. In this short span of time, we have expanded to dozens of countries and regions in Asia, Europe, North America, and Oceania.
To have reached this far, we only have you to thank - our valued users, partners, investors, and even our competitors.
How SnapEx was Born
Recently, we have been thinking about why we started SnapEx. Not too long ago, the only known crypto derivatives platform was Bitmex. But it’s clunky, difficult to use, and often had questionable order books. Mass liquidations on Bitmex due to errant price movements on that platform was the norm.
We felt there must be a better product than Bitmex. And one that can be easily used by both amateur and professional traders alike.
Not only that, there must be a better way to make money in the industry other than HODLing (at the mercy of the market) and trading on platforms like Bitmex. We wanted a product that is not only easy to use but one that users can profit in both bull and bear markets.
We dream of a world wherein more people recognize the digital asset derivatives market and participate in trading and investing in a simple and transparent way. And that was how SnapEx was born. We wanted to create the safest, most stable, fair, and transparent trading service platform in the entire industry.
Response to Recent Attacks
However, the ride has been quite bumpy thus far. Earlier this month, a sudden influx of unidentified individuals and bots flooded our communities and began spreading FUD, rumors and sharing misleading information that painted SnapEx in a bad light. These accounts kept repeatedly trying to create a negative public opinion of the platform.
We appreciate comments and criticisms. In fact, we welcome it. We believe in receiving feedback from our users to actively improve our service and product. But we cannot in good conscience accept trolls or scammers that harms the integrity of the platform and safety of our users.
In order to reassure all our users, partners, and investors, we think it's necessary to make a statement of explanation.
Recently, certain unknown groups that have orchestrated sustained DDoS attacks against SnapEx, to the detriment of our users on the platform. We came to learn that several of our competitors also experienced similar attacks around the same period of time.
As seen in the figure below, our platform experienced what is called a “Distributed Denial of Service Attack” from 22nd June 2020. On 22nd June 2020, this “Distributed Denial of Service Attack” caused network congestion which rendered all services unavailable on our platform.
The culprits used our dedicated bandwidth in the form of spamming our network with “false requests”, which is a standard playbook of what a “Distributed Denial of Service Attack” is all about. Thankfully our Tech and security team was alerted to the matter already and worked to resolve it so that operations can return to normal.
The above figures show the levels of DDoS attack traffic on the SnapEx network. The spikes in the graph represent an abnormal behavior in network traffic which is the result of the DDoS attack, which then caused the interruption of services on the platform. When a DDoS attack is carried out, it utilizes some of the server resources, which affects the platform's normal operation. The higher the spike in the graph above, the higher the DDoS attack traffic -- and therefore, the more server resources the hackers take up.
These kinds of attacks do happen from time to time, and it happens to everyone from small startups to large tech conglomerates.
To further safeguard the platform and our valued users from future attacks, we will be investing more time and energy into improving our security measures, strengthening the stability of our platform, and keeping an open communication channel with all of you at all times.
Future Improvements and Prospects
We will continue to improve our product research and development capabilities to give you a better trading experience on SnapEx.
Currently, we are focused mainly on three things:
Firstly, security and privacy. As an international platform, we put user security and privacy first.
Secondly, product development and research. We will continuously improve our products with our users in mind. As such, you can expect to see and use even better versions of the SnapEx platform over time.
Thirdly, global compliance operation, which is quite important for us. In the future, SnapEx will continue to take the global development route, establish and grow the SnapEx global brand, and further accelerate the compliance process.
We would like to take this opportunity to once again thank you, our dear and valued users, for your continued trust and support in the SnapEx platform. We have plenty of room to improve and will continue to grow from strength to strength.
We are honoured to share this journey with you. We hope that you will accompany us throughout the rest of 2020. And beyond.
3 July 2020