An unfortunate situation occurred yesterday within MCP Staking. The staking platform was compromised due to a security flaws. Our newly hired developer responsible for building the staking wallet has been fired. The research is still ongoing to find the people who are responsible.
MCP has done a due diligence into the developer but still this was a huge error from our part.The contract had a flaw in it and a hacker discovered this flaw and was able to withdraw the staking rewards and liquidity funds from the MCP-ETH pool that our community put to get the LP staking rewards.
Address ERC20 used by DEV: https://etherscan.io/address/0xd5b080c72048bd148ace6ce1a70e6bc84ccea1b0
Contract for Staking:
Attaching an image for proof- 0.5 ETH sent by Alex to Chao for contract creation.
320k MCP transferred to Staking contract manually for the month of FEB:-
He has withdrawn around 480k MCP and 25 ETH from the liquidity pool — Proof
Hacker has used tornado cash to withdraw funds from the wallet — Proof
We minimised the staking funds to one month, an allocation of 320k MCP tokens, which was compromised. This matter is still ongoing, we deeply apologise for our error and we take full responsibility for this unfortunate situation. We have created new hiring methods & security protocols, we are also looking into a partnership with a blockchain security firm for all our auditing.
MAIN $MCP contract is SAFU. $MCP contract has been audited and the report can be found here — https://arcadiamgroup.com/audits/MCPERC20.pdf
To make amends and make things right with our liquidity holders and MCP community.
- We will do a reimbursement / compensation to all liquidity holders worth of $75,000 — $100,000 ( This will be spread out in a period of 3 months to ensure a stable MCP ecosystem )
- Compensation will be provided from the MCP funds: staking, development and marketing
- All liquidity holders should contact us and provide the required info.
- MCP has burned 1 million MCP tokens from the deployer wallet worth $100,000* ($0.1 x 1 million MCP)
- MCP will do a 15 ETH buy back to stabilise & enforce the MCP ecosystem, we will provide the transactions as an announcement.
- More info regarding reimbursement / compensation will follow upcoming Sunday.
- Staking will go live again in Q1 2021
MCP will thrive from this experience, trial & error is important for the growth of people and businesses. This was a costly blow but we will adapt, improve and create the best fantasy trading platform together with our community.
Alex Galkin & MCP team.
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