The BitMart Hack and How Altrucoin Will Improve

First off: YOUR ALTRUCOIN FUNDS ARE SAFE! Now let’s discuss what happened with the BitMart hack and the resulting token freeze.

What Happened With BitMart

The BitMart exchange was recently hacked via a compromised hot wallet with a stolen private key and certain tokens were stolen from the exchange. Only one of BitMart’s hot wallets was compromised, so not all tokens were affected but the hacker was able to steal and sell a variety of tokens including safemoon, floki and others. You can read more about the attack from the BitMart support article: https://support.bmx.fund/hc/en-us/articles/4411998987419-BitMart-Security-Breach-Update

How the Team Reacted

Our team has a point of contact with the Bitmart team. Once we learned of the attack, we reached out to them and were informed that the Altrucoin tokens in Bitmart’s wallet were affected by the hack. We would like to clarify that NONE of the Altrucoin or BankerDoge systems or contracts have been compromised. The hack was solely due to one of BitMart’s wallets.

Since we were quickly informed of the hack, we were able to take actions to prevent the hacker from selling any altrucoin tokens. We disabled trading of the Altrucoin token by setting the max transaction size to zero. By doing this, we were able to protect the value of all tokens and to secure the entire liquidity.

Next Steps

The Bitmart team has recommended that we redeploy the contract, and we agree that this is the best way to ensure that everybody retains the value of their tokens. Bitmart has already let us know that they will help wherever possible to make things as easy as possible for Altrucoin holders and have publicly stated that they will compensate affected users on the BitMart platform.

The team has been meeting and working consistently to make the most out of this unfortunate situation and provide the best solution for its investors. We are using this as an opportunity to improve the token contract and release new features. The new Altrucoin contract will have upgraded features that make it more gas efficient. We will also be releasing the referral system and upgraded vault with the Altrucoin redeployment. The liquidity has already been moved to a public protocol multisignature wallet to be used for the redeployment as well.

Aside from the upgraded contract and new features, there are still ways to take advantage of this situation. Much of the Altrucoin and BankerDoge community have suggested merging the two tokens into one project which will all support one token. In order to decide whether or not to merge the two tokens, we have put the decision in the hands of the community.

We have created a community governance vote to let our investors decide either to combine the two tokens (Altrucoin and BankerDoge) or keep them as separate projects. You can find the proposal at https://vote.altrucoin.io/#/proposal/0xe37146a1a9e930875e318eee3468264e580fe6e5f2ac215583bb0930b8fa4b35 and vote with your wallet if you hold or staked Altrucoin or BankerDoge. Voting will be available until Thursday 12/16 at 6:00PM CST. Once a path is chosen by the community, we will be providing details on how it will be implemented, the timeline, and any actions that users might need to take.

There are a lot of decisions to make and a lot of work to do regardless of the path that the community chooses. The team has been working hard to collect information, suggestions, and get the background tasks done so that we can move forward as quickly as possible once the community has voted on their desired path.

We appreciate the support and understanding the community has shown so far and look forward to using this opportunity to improve the project. If you have any suggestions on improvements for the project or the redeploy, please make sure to submit them at https://docs.google.com/forms/d/e/1FAIpQLScnMhV_U3wqH0w4idPYTtZW_xsQ3sjdq7GYW1SKK0IVGM7SYA/viewform?usp=sf_link.

(BankerDoge was unaffected by the hack but we have blacklisted the hackers address and the compromised wallet anyway to prevent any unexpected events.)

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Altrucoin

Altrucoin

27 Followers

Altrucoin is a DeFi as a service platform designed to add features to any BSC token. Visit the altrucoin medium page at altruismprotocol.medium.com