CUEX Re-Launch Plan
The last couple of weeks have been hectic, to say the least, and we are now in a position to explain and act.
The Exploit
An unknown address sent themselves CUEX from our deployer address and other addresses, including holder addresses.
The address then sold these tokens on PancakeSwap, which effectively stole the BNB from the liquidity pool due to the number of tokens sold.
The address used proxies to attempt to hide the route to withdrawal.
We are still trying to track and see if we can locate or find any information on this address.
We hired a hacker to see if they could find any information. We are still awaiting results on this.
The Early Aftermath
Once we established what had happened, we removed the liquidity as quickly as possible (zero in terms of BNB).
We then needed time to find the issue within the token contract once we knew it was a vulnerability.
The Issue
The exploit was caused by an issue where the exploiter could approve themselves to spend other addresses tokens.
The Fix
The issue has now been fixed and tested in-house, and the exploit could not be done again on a new contract deployment.
The functions used are no longer visible or available to anyone apart from the contract itself; not even the contract owner can execute the function; therefore, attempting to replicate the exploit on a new contract would result in a failed attempt.
Re-Launch Step One
The first step is to launch the new contract in TestNet and hire ethical hackers to exploit it in exchange for bounties.
Re-Launch Step Two
The second step is to send the contract to our first audit. This will be a new provider and a reputable one.
Re-Launch Step Three
Send the contract to a second audit whilst launching the token with the possibility of trading disabled.
At this point, previous holders on the old contract will be able to claim their tokens on this new contract and will then be able to start staking again.
Re-Launch Step Four
Add liquidity and enable trading of CUEX.
This will be the last step, and by this point, we will be 100% secure based on the four points of successful testing.
What about token price?
The token price will be that before the exploit; this ensures there is no USD value loss in token holdings.
What about liquidity providers and our lost BNB?
This is the most challenging loss to take.
We cannot replace the lost BNB, but we are providing a private staking pool for these providers, which will give these providers exclusive access to a staking pool that has the aim of helping restore their BNB value over time.
What about the NFT’s for the 30-days and 60-days pools?
Those who entered these two pools will receive these NFT’s in due course without the need to re-enter the pools.
Will the token contract be the same?
No, if anything, the first CUEX token gave us a chance to see what we could improve.
The new token will have anti-whale measures, including maximum holdings per address and max buy-in per transaction.
Anything Innovative in the new token contract?
The reflections will be removed and replaced by something new, which should encourage holders to stay with us.
The new contract will track how long an address has been holding. Based on the amount of time holding, the address will be given a ratio on how much they will receive from the tax wallet.
The longer an address holds, the bigger their share of this wallet.
To make this very appealing, this is paid to users in BNB and will be paid out at every threshold we set.
So, you must hold CUEX for “X” time to qualify for the BNB payouts, and the longer you hold, the bigger your % is of this wallet.
Hold CUEX, Earn BNB as well as staking at the same time, excellent!
This means only loyal holders get the earnings, but our super loyal holders will get a bigger share.
Will the Total Supply be the same?
The token supply was 100 Billion; the new token will have a new limit of 200 Billion.
These tokens will not be in circulation, and it gives us the option to keep staking going far into the future.
The community will vote on the usage of these extra 100 Billion tokens when they are needed, i.e. burn them or use them to extend staking.
This gives us the option to be flexible in the future and allow staking to continue or fold by the holders' decision.
In regards to the now, these tokens have no impact on market cap or circulation.
So what is the timeline?
By December 6th 2021, we want to be in Audit One, and we are looking to have the staking platform ready for mid-December with the new token on MainNet.
Trading will be enabled after this point, and we are currently raising funds for this liquidity, which will be less than before, but the new token will grow the liquidity too.
Conclusion
We are super proud of our community for sticking by us during this time.
It hit us badly but hit you harder.
We are doing everything we can to resurrect CUEX and make it even better than before.
$CUE $CUEX
