Insurance Fund

As part of our commitment to security, we have created an insurance fund to protect our users in the event of a security breach. The insurance fund is a pool of funds that is used to cover any losses incurred by users in the event of a security breach. The insurance fund is currently bootstrapped and will be continuously funded by a portion of the fees collected by the exchange. The insurance fund is held in a separate wallet (moving to a multisig with WEMIX Ecosystem soon) and is not accessible by any of the exchange's systems. The insurance fund is currently valued at $10,000 USD.

During the initial launch phase, the fund would also be used to rectify any exchange malfunctions that cause losses to users (depending on a discretionary decision by the team). For example, if a bug in the system causes a user to lose funds, the insurance fund would be used to attempt to cover the losses. This is to promote user confidence in the exchange during the beta stages and to ensure that users are not discouraged from using the exchange due to the risk of loss.