trenchcoat
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Website report · 4 h ago

hwan.io

“HWAN: Korea's second exchange rate, as a market”

Template-written 21 evidence items Code reader analysed 15 scripts
What this means for you

HWAN only talked to its own servers while we watched.E1

  • An AI agent used the site and saw 1 of 1 claimed features working.E19E20E21
  • A working app / platform: Clicking 'Open the app' loaded /app with a live Korea premium (+0.76pp) built from Upbit, Bithumb and ECB prices, with calls to /api/index and /api/book. Switching to India loaded new data (+6.88pp, from CoinDCX) via /api/index/in, and switching from Long to Short re-queried /api/book and recalculated the margin. Trading itself needs a Phantom wallet, so it was not tested.E19E20E21
  • Also noticed, Trading and minting need a Phantom wallet: Every trade, mint and 'return pairs' action needs Phantom connected first, so no order could be placed or checked.E19E21
  • Tech check: the site claims a working app / platform, and its public page shows matching evidence.E16E13
  • We saw no known analytics or advertising services load on the first visit.E1

Tech check

What the site says about itself, next to what its public page actually loads. Facts only, no verdict: you decide.

Evidence found

A working app / platform

“HWAN Index Trade Settle Sound Rates Docs X $HWAN Open the app Seoul₩1,357 World₩1,346.79 −3%−2%−1%0+1%+2%+3% A dolla…”E16

Calls to its own backend: /api/indexE13

Calls its own backend /api/indexE13
Wallet code none seen
Contract calls in its code none seen
Talks to AI services none seen
Live connections none seen

What the AI agent tried

An AI agent (claude-opus-5-5) used the site in our sandbox for 4 steps and saw 1 of 1 claimed feature working. It can't connect a wallet, pay, sign or log in, so those features count as "couldn't test". What it reports is what it observed, not a verdict.

Seen working

A working app / platform

Clicking 'Open the app' loaded /app with a live Korea premium (+0.76pp) built from Upbit, Bithumb and ECB prices, with calls to /api/index and /api/book. Switching to India loaded new data (+6.88pp, from CoinDCX) via /api/index/in, and switching from Long to Short re-queried /api/book and recalculated the margin. Trading itself needs a Phantom wallet, so it was not tested.E19E20E21

Also noticed

Things the agent saw along the way that aren't among the site's claims. Not counted above.

Noticed

Trading and minting need a Phantom wallet

Every trade, mint and 'return pairs' action needs Phantom connected first, so no order could be placed or checked.E19E21

What it is

  • The Internet Archive has never saved this site, so it is probably new.E17
  • The site describes itself as: “Korea has two prices for a dollar: the bank rate and the price of USDT on Upbit and Bithumb. HWAN lists cash-settled, fully collateralized w”E2
  • It's built with React and Next.js (common tools for building web apps).E6E7
  • Notable building blocks in its code: Three.js (3D graphics).E8
  • In your browser it can copy text to your clipboard, saves small bits of data in your browser and runs compiled WebAssembly code in your browser.E9E10E11
  • It has sections such as /rates, /docs and /app.E15
  • While loading, it called 1 endpoint on its own servers, such as /api/index.E13

Where your data goes

On a first visit the page only talked to its own servers (hwan.io).

How key features work

Loading its content

Its content loads from its own API while you browse (/api/index).E13

/api/index

Drawing and editing in the browser

The page draws and edits graphics in your browser using Three.js (3D graphics), WebAssembly and the canvas.E8E11E12

Three.js (3D graphics)webassemblycanvas

Saving data on your device

It saves data in your browser (localStorage), so some things persist between visits.E10

local_storage

Pages and API calls

Pages it links to

/rates/docs/app

Endpoints

Called while loading (seen) or named in the code (code).

hwan.io/api/indexseenE13
/api/indexcodeE14

Evidence

Every sentence above points to one of these. Code references show the file, line:column and the short identifier that matched, never the site's code itself.

E1
Page title: HWAN: Korea's second exchange rate, as a market
page title · https://hwan.io/
E2
Page description: Korea has two prices for a dollar: the bank rate and the price of USDT on Upbit and Bithumb. HWAN lists cash-settled, fully collateralized weekly futu
page description · https://hwan.io/
E3
Site name: HWAN
page site_name · https://hwan.io/
E4
Main heading: A dollar costs 0.76% more in Seoul today.
page h1 · https://hwan.io/
E5
20 request(s) to hwan.io
types: 9 script, 5 font, 2 stylesheet
GET https://hwan.io/ · script · 20 requests · network recording
E6
React detected by the code reader (react-runtime)
confidence: medium
hwan.io/_next/static/chunks/16gb4q1jj3l-6.js · “react-runtime” · the code reader
E7
Next.js detected by the code reader (next-runtime)
confidence: high
hwan.io/_next/static/chunks/16gb4q1jj3l-6.js · “next-runtime” · the code reader
E8
Three.js (3D graphics) found in the code
hwan.io/_next/static/chunks/0ckpj5ggaj341.js @ 1:371038 · “WebGLRenderer” · pattern scan
E9
Uses the browser ability: clipboard_write
can copy text to your clipboard
hwan.io/_next/static/chunks/1_cwk8vj8irbn.js @ 1:272 · “clipboard.writeText(” · pattern scan
E10
Uses the browser ability: local_storage
saves small bits of data in your browser
hwan.io/_next/static/chunks/0ckpj5ggaj341.js @ 382:76196 · “localStorage.setItem(” · pattern scan
E11
Uses the browser ability: webassembly
runs compiled WebAssembly code in your browser
hwan.io/_next/static/chunks/turbopack-18xb0k-n1ohtp.js @ 1:10349 · “WebAssembly.instantiateStreaming(” · pattern scan
E12
Uses the browser ability: canvas
draws graphics on a canvas
hwan.io/_next/static/chunks/0ckpj5ggaj341.js @ 1:24860 · “getContext("2d"” · pattern scan
E13
The page called /api/index on hwan.io (GET)
GET https://hwan.io/api/index · fetch · network recording
E14
Code reader found the endpoint /api/index
how: call:fetch
hwan.io/_next/static/chunks/0ckpj5ggaj341.js @ 574:16483 · “/api/index” · the code reader
E15
3 links to pages on the same site
page links · https://hwan.io/ · /rates, /docs, /app
E16
The site says: “HWAN Index Trade Settle Sound Rates Docs X $HWAN Open the app Seoul₩1,357 World₩1,346.79 −3%−2%−1%0+1%+2%+3% A dolla…”
page text · https://hwan.io/ · HWAN Index Trade Settle Sound Rates Docs X $HWAN Open the app Seoul₩1,357 World₩1,346.79 −3%−2%−1%0+1%+2%+3% A dolla…
E17
The Internet Archive has no saved copy of hwan.io
page web archive · https://web.archive.org/web/*/hwan.io
E18
Agent step 1: view
AI agent step 1 · view on /
E19
Agent step 2: click Open the app
AI agent step 2 · click on /app · page called GET hwan.io/sound/first-day-of-snow.mp3, GET hwan.io/api/index, GET hwan.io/docs, GET hwan.io/rates, GET hwan.io/, GET hwan.io/app, GET hwan.io/api/practice, GET hwan.io/api/book
E20
Agent step 3: click India
AI agent step 3 · click on /app · page called GET hwan.io/api/index/in
E21
Agent step 4: click Short
AI agent step 4 · click on /app · page called GET hwan.io/api/book

Limits

  • We only see what your browser sees: code and requests on a first visit, without logging in or accepting cookie banners. What the servers do with data is invisible from outside.
  • Site code is usually minified (compressed), so names are partly lost and some code may be only partly analysed.
  • Some trackers only load after you accept cookies or log in, so the real list can be longer.
  • We visited from a server in the United States. Sites load different trackers and cookie banners in different countries (visitors in the EU usually get a consent banner first).
  • The tech check compares the site's own words with what its public page loads. Work done on servers, in private code or in separate apps isn't visible here, so 'nothing found' means not visible on the public page, not that it doesn't exist.
  • This text was written from fixed templates because no AI writer was available. It uses exactly the same evidence.
  • The code reader hit its size budget on parts of 4 large bundle file(s); those parts weren't fully analysed.

Facts, not judgements: this page describes what the code and traffic show, not anyone's intent. Not financial advice. Case id tz6pQCEC.