DAO Maker Hack Update
Dear CoinsPaid community,
Last Saturday was tough… As you already know, there was an exploit on DAO Maker’s vesting system for public sale participants. The tokens that DAO Maker was supposed to distribute to their public buyers were taken by a hacker and sold.
There was no additional token mint of $CPD; there is no bug in our contracts or token. The exploited tokens were taken from DAO Maker’s contract for DAO public buyers in future releases. According to the SHO agreement between CoinsPaid and DAO Maker, 5 million tokens were transferred to them. And they themselves deployed 2 smart contracts with 2.5 million tokens each.
DAO Maker is working on a compensation plan right now and will fully pay off their users. We understand that the CoinsPaid community has questions and we would like to address them.
To date, it is known that all consequences of the hack will be dealt with by DAO Maker. As part of their plan, the DAO Maker team promises to compensate its users for all the losses.
DAO Maker bought back tokens of $150K value out of 5M tokens. It is planned that the rest will be compensated from their private investor allocation. Tokens that entered the market, not as part of tokenomics, will not be bought back by DAO Maker.
Learn about DAO Maker action plan in their Telegram group:
Nevertheless, the CoinsPaid team is working hard to bring the price back to previous levels and to stop the movements of the tokens by establishing new strategic partnerships, launching $CPD farming and staking, and by introducing new features that will strengthen the market position of $CPD.
- The launch of liquidity mining will occur in the coming months, with plans for staking integration to B2B clients who use cryptocurrency payment processing services by the end of September 2021.
- In addition, there are plans to list on a number of centralized exchanges this fall: there are ongoing negotiations with the Tier 1–2 exchanges.
- CoinsPaid is launching a series of educational articles and webinars specifically for B2B clients. It is focused on recognizing the value of the token and the potential for profitability for the B2B sector.
- Early in October, utility features of the token will be fully available to B2B clients.
We hope we covered the main community concerns in this article. If you have any other questions, feel free to ask them in our social media. Community managers will answer them promptly.
Once again, no CoinsPaid contracts were affected. All contracts and tokens are secure and audited.
Thank you for your patience and involvement in our project. We will keep you informed! If there are any updates, you’ll be the first to know.