On January 5th we launched our XDEF token on uniswap. XDEF is a DEFI TVL rebasing protocol of which was a fork of another prominent rebase project. But just after the launch we noticed an exploit and quickly moved to prevent the exploiter from doing harm to the project.
The nature of the exploit is one of our developer has left the _mint function as external instead of internal, this allowed anyone to call it and mint more XDEF tokens and so it happened.
Our liquidity was locked as shown here https://v2.unicrypt.network/pair/0x4c2544f58b6095a03660e4b8526c85958da7c5b9 so the only recourse was to recover all the ETH out of the liquidity pool ASAP before the exploiter can sell the tokens he minted THEN redeploy a new token. We are glad to report that we have secured the ETH from the liquidity pool and managed to avoid any real disaster. The bad actor failed to sell any of his maliciously minted tokens.
Moving forward, we have taken the snapshot of all the holders who had the tokens before we took out the ETH and that is at this exact time — Jan-05–2021 03:23:58 PM +UTC
The new XDEF tokens will be distributed to all the holders of the old XDEF tokens at the time of snapshot mentioned above. Moreover, we have decided to airdrop 2% of the team tokens to all those who held the old XDEF tokens after the snapshot.
To be clear, here is the order of things that we are gonna execute moving forward.
1. Deploying a new token smart contract resulting to a new XDEF token.
2. Create a new distribution list based on the snapshot before the hack.
3. A new Uniswap LP with the new XDEF token will be made with 510 eth / Xdef liquidity.
4. Distribute the tokens.
5. Continue building and growing the XDEF and Combine community.