Hello, Mr. Han Lin and executives at Zhima Exchange.

I am the head of the CBB product development team, which has been engaged in tool development for seven years. We have over ten thousand members, and our API is connected to all major exchanges. Over these seven years, my members and I have come to a relatively objective and accurate evaluation of various exchanges, and your Zhima Exchange is still considered a second-tier exchange in our minds.

Currently, among our members, except for Binance and OKEx, the brand integrity of BVBit and Bitget in our minds is higher than that of your Zhima Exchange.

Although you are an established brand, there are many defects in user experience and system.

The following points are our subjective judgments about your exchange prior to the occurrence of the LA coin.

First: Your customer service system is very poor, with slow response times. Many issues are addressed in a very official manner, using copy-paste to solve problems. There is no warmth and it cannot effectively address our substantial issues, let alone provide any soothing effect.

Second: Because your exchange has a very low threshold for listing coins, you are willing to accept all kinds of CX coins and junk coins, lowering your standards. This has resulted in a perception among our members that it is quite unreliable.

Third: Your rebate system promotes such a high rate, but the actual settlement ratio for legal rebates excludes many hidden rebates, which creates a trust barrier. Although you promote it as high, the actual ratio received is not substantial. I suggest changing this to be more straightforward; the amount that can be distributed to members should be clearly defined.

Fourth: The fourth point is your ALD reduction mechanism; the frequency of triggers is too high. Of course, what is the core mechanism of ADLR? Your solution is untrustworthy and there are too many human factors proving that the market-making ability is very poor. We use hedging arbitrage strategies to gain small profits with large funds, and your exchange’s frequent strong liquidation mechanisms scare our arbitrage members. I strongly oppose our members coming to your exchange for hedging.

The last point, and the most important one. On June 5th, regarding this particular coin. Any experienced trader knows that this situation indicates that your exchange has lost control (there are many people in the rights protection group who want to fight you; I personally faced a liquidation of $30,000, and my position was less than $3,000).

Three points that must be addressed: First, you need to disclose which accounts are profitable, where the liquidation money went, and what the compensation for negative balances refers to. Are you compensating correctly? Secondly, regarding your pride in the ADL and forced liquidation mechanisms, why were they not executed on the night of June 5th? Why were the opposing orders so strong that they could drive prices up so high?

Finally, here are the suggested solutions.

First, a rollback; second, compensation in equivalent experience funds; third, compensation in point cards.

Using the first method, your framework can be on par with BG.

Using the second method, you remain at your previous level, but the mess has already happened.

Using the third method would mean regressing by ten thousand years, wasting billions on brand building, and there are personal safety issues to address honestly.

After seven years of companionship, knowing each other well, the strong reductions in arbitrage over five years have caused significant losses for our members. Recently, there have been very few profits from the arbitrage you are involved in. I have been in the rights protection group, worrying about you. Now, I can only wish you good luck.