ChainSwap fell victim to a hack at approximately 22:00 UTC on 07/10/21. We used ChainSwap as our bridge between the Ethereum and Binance Smart Chain networks. In response to the security breach, we pulled liquidity on both Uniswap and PancakeSwap. The attacker was able to sell $BLANK tokens stored on the ChainSwap smart contract. By acting quickly, we limited the damage done and protected our holders and liquidity providers as much as possible.
We decided that the best course of action was to take a snapshot of the pre-hack blockchain and issue a new $BLANK token. A snapshot is a historical view of a blockchain at a particular point in time. It records the contents of the entire blockchain ledger, which includes all existing addresses and their associated data. This means that $BLANK holders were airdropped the number of tokens they held before the hack.
The Next Steps
New token trading activity will be resumed at 11:00 am UTC tomorrow (29th July).
We airdropped the new $BLANK token to all holders on our snapshot of block 12802122. You received the airdrop if you held $BLANK tokens pre-hack and need to add our new contract address to your wallet of choice to see your tokens.
Our new contract address: 0x41a3dba3d677e573636ba691a70ff2d606c29666
If you held your $BLANK tokens on a CEX, then you should have received your new tokens on the relevant exchange. We’ve announced to all exchanges that we are resuming trading at 11:00 am UTC on the 29th of July. Bilaxy has confirmed the token swap, while we’re waiting for Gate and MXC to complete the process.
Buyers who purchased $BLANK tokens post-hack on a CEX or DEX will not be reimbursed.
All necessary safety checks have been made to ensure a smooth transition and allow all holders to start on equal footing. We’ve provided $1,100,000 worth of liquidity for the new token to start on the right track.
We’re putting the following compensation plan into place:
- Liquidity providers who held have been reimbursed with new LP tokens equal in value to LP tokens held on the snapshot
- Liquidity providers who withdrew liquidity have been reimbursed with new LP tokens and $BLANK tokens
- Liquidity incentives will be doubled for the immediate future
- In the near future, a staking solution will be introduced to reward $BLANK holders
Ultimately, we recognize that this is an issue of decentralization and that the centralized nature of our bridge with ChainSwap was a point of weakness. We’re exploring all possible options to limit these points of weakness and make the Blank ecosystem as decentralized as possible. Minimizing dependence on third parties is crucial for the long-term success of our project. If future collaboration is necessary, all third parties will be fully audited and subject to security checks.
A Bright Future
Blank has made massive strides this year, and we truly believe that this is only the beginning. It saddens us that we’ve had to deal with this bump in the road, yet we know we’ll come out of this even stronger as a product and community. We want to make it clear that this unfortunate incident changes none of our future plans. The testnet release of Blank Wallet was a major milestone, and we’re even more excited for the upcoming mainnet release.
Our public security audit is in full motion and going according to plan. Least Authority is hard at work reviewing the code and hasn’t run into any major issues yet. We’re looking forward to getting the go-ahead from a titan of the security space. Blank Wallet must be a standard for both privacy and security, and we’ll be doing everything to achieve this goal.
We don’t want to let a third-party hack tarnish all of the hard work we’ve put into this project. Our team is passionate about the product we are building and truly believes in making privacy secure and seamless. In the future, we hope that the wallet speaks louder than words.
Frequently Asked Questions
What happens if I bought $BLANK after the hack?
We are unable to compensate those who speculated after the hack. We acted quickly and gave clear instructions not to buy the token. If you bought after the hack, then you likely bought from one of our liquidity providers. As we’re committed to reimbursing our liquidity providers, we’re unable to refund the same token twice.
Do I have to do something to get the airdrop?
No. You will receive the airdrop automatically. Simply add the new contract address to your wallet of choice and wait for your tokens to arrive.
- If you held $BLANK tokens on a non-custodial wallet, then you need to add the new contract address to your wallet to view your token balance
- If you held your old tokens on a CEX such as Gate.io you should have already received your new $BLANK tokens (called BLANKV2 on Gate)
What happens if I held $BLANK on the Binance Smart Chain?
If you held your tokens on the Binance Smart Chain network, you received the new tokens on the Ethereum network. Switch networks on your wallet of choice and add the new contract. The tokens were airdropped to the same address that you used on the Binance Smart Chain.
What should I do with the old tokens?
The old token will not be supported in any way. You can do anything you want with the old $BLANK tokens.
What’s the new token contract address?
What if I held tokens prior to the hack but haven’t received the airdrop?
If you held prior to the hack but haven’t received the new tokens yet, please send us a message on Telegram and we will look into it.
I was providing LP for the old token and I didn’t receive an airdrop. Will you compensate LPs?
Yes, LPs have already been compensated with a mixture of new LP tokens and $BLANK tokens depending on the situation.
Alice had 5 ETH and 5 ETH worth of tokens (10 ETH total).
Alice didn’t withdraw LP tokens.
Alice received new LP tokens worth 10 ETH (5 ETH + 5 ETH worth of BLANK).
Alice had 5 ETH and 5 ETH worth of tokens (10 ETH total worth LP tokens).
She withdrew 1.5 ETH with LP tokens after the hack (8.5 ETH left to reimburse).
She received new LP tokens worth 7 ETH (1.5 ETH left to reimburse).
She gets BLANK airdrop worth 1.5 ETH (all ETH reimbursed).
How much were my LP tokens worth, and how much are my LP tokens worth now? (values calculated in $ETH)
Old LP token ETH worth: LP amount * 0.02348
New LP token ETH worth: LP amount * 0.01621
Are you going to refund LPs on PancakeSwap?
Yes, PancakeSwap LPs will receive $BLANK tokens on the Ethereum network in the amount equal to the liquidity they provided pre-hack.
When are you going to update the price on CoinGecko/CoinMarketCap/Etherscan/etc.?
All relevant information will be updated as trading resumes.
When will liquidity be added?
Liquidity has already been added and is currently worth 1.5 million USD.
Why was a new token needed?
ChainSwap advised us to relaunch the token due to possible security threats on their smart contract and pre-approved user permissions.
How do I provide liquidity for the new $BLANK token?
A new BLANK/ETH farm has been created on Unicrypt. Farming starts on Thursday, 07/29.
About Blank Wallet
Blank is the most private, non-custodial Ethereum browser extension wallet.
Blank allows the user to easily interact with privacy smart contracts on Ethereum to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.
Blank solves the problem of privacy in crypto transactions. Each time you want to make a withdrawal, Blank will create a new wallet address for you with the amount of crypto that you requested. This address originates from the smart contract where everyone’s funds are pooled. All of this is achieved using cryptographic proofs to ensure that the user cannot be linked with the original depositing address.
With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. Blank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.
Anyone can easily install Blank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, Blank wallet offers a higher level of privacy due to Tor integration. Upcoming functionality includes DeFi web3 integrations as well as support for Metamask Snaps Plugins to allow for seamless connectivity and usage.
Reclaim privacy on your Ethereum transfers. Go Blank.