Nitron Update: nLEND Platform & Restitution Progress

Dear Demex Community,

We want to provide a follow-up to our previous update on the Nitron restitution progress.

🔐 Key Points Recap

• The exploit impacted a portion of lent or collaterized assets in the lending protocol.
• We’ve been working tirelessly to recover funds and ensure fair restitution for affected users.
• Our restitution plan involves leaving unaffected assets in Nitron, and converting impacted assets to nLEND tokens at a 1:1 rate based on the price at the time of the incident.
• If only a portion of an asset was impacted, the conversion will pro-rate each user such that only the impacted percentage of each asset is converted (see table below)
• nLEND can be redeemed for USDC at a dynamic rate based on total recovered value, or, 1:1 for DMX after 12 months.

🕵️ Ongoing Efforts with Law Enforcement

We are actively collaborating with law enforcement agencies to reclaim additional funds from partners and third parties involved in the exploit. These efforts are ongoing, and we remain committed to pursuing every avenue to maximize recovery for our users.

nLEND Redemption Platform Launch Date: 26 June 2025

We are happy to share that the redemption platform will go live on 26 June 2025, after the chain upgrade scheduled for this date.

Affected users will find their converted nLEND airdropped in Nitron and can begin redeeming USDC on the redemption platform at the prevailing rate if they choose to do so. More details on how to use the platform will be shared on the launch date.

➗ Affected Asset Rate Breakdown

Below is a breakdown of the affected asset rates, detailing the percentage of each lent or collateral asset that will be converted to nLend tokens at a 1:1 rate based on the mark price table.

Example: If you had a total of 100 USD lent and/or collaterized in Nitron, you can expect to have 41.19 nLEND and 58.81 USD after the conversion.

💙 Our Commitment to Recovery

We want to reiterate that our team is working relentlessly to recover funds through all possible channels, including legal action, partnerships, and ongoing negotiations. Our priority is to minimize the impact on our users and restore trust in the Demex ecosystem.

Thank you for your patience and support as we navigate this challenging situation. We’ll continue to provide updates as we approach the platform launch and make further progress in our recovery efforts.

If you have any questions, please reach out to our support team on Telegram.

Sincerely,
Demex Team