In order to leave the exploit incident as a thing of the past, PathFund’s smart contract will be migrated in the following period.
The contract migration was scheduled for May initially, but due to the exploit, we see ourselves forced to do it now.
Reasons why it’s easier and mandatory to do the migration now:
- If the migration would be done in May, the estimated time required for the trading to be stopped would be longer due to staked assets, launchpad, ICO’s, etc.
- the new smart contract will have new features that will benefit the holders, will ease some processes, has more kill-switches (ex: blacklist addresses)
- the supply will be reduced so we detach our project from the meme-coins scene (the value will remain the same, the effect will be only visual)
This migration is the most secure way to overcome the current situation, being too risky to reopen trading again on this contract.
Here’s why:
- there is no way we can block him (the exploiter) from buying tokens at a cheap price and selling them for their real value
- in order to start the trading again on this contract, we would have to open the trading again so everyone can un-stake their tokens
- during the window when the trading is opened, the exploiter could dip the price at any moment
- the amount he can buy is not extremely large but referring to the current market cap it would be a big loss that has to be covered
- if he would dip the price that low, the value of your assets will go too low, so if you want to sell you will be forced to sell your tokens for a very small value
The new token contract is almost finalized, most of the functionalities have been added already but we’re still pending some extra ones.
Once it’s all fully developed, the new smart contract will be audited, and later on deployed.
At the moment of deployment, we will airdrop every token holder, including those still in the staking pool.
This basically means that there’s nothing for you to do now or later, other than adding the new token contract to your TrustWallet/ MetaMask.
We expect that both processes, contract creation, and the audit, take less than two weeks (worst case scenario), but it’s only up to the auditor. We don’t expect to take that long though, because smart contracts are easier and faster to audit than other types of contracts. Please advise that this is just a rough estimation!
More info about the new contract, tokenomics, functionalities, and improvements will be communicated as soon as the audit is completed.
As we stated before, trading will resume on the new contract from the market value PathFund had before the exploit occurred. This means that nobody lost or will lose any money because of this unfortunate event.
We want you to understand that this action represents the only way to revert back to the time before the exploit, in a manner that nobody loses any funds and the exploiter is out for good.
We also want to remind you that this exploit did not occur due to a flow in any of our contracts, but through an external source. More details about what happened will be presented soon.
Thank you for your understanding and please feel free to address any questions. We will do our best to answer them in a timely manner.
