Team Finance Hack $KNDX Whitehat Exploit | Token Migration
Team Finance Hack
The $KNDX Whitehat Team Finance Hack this past week was a challenging time for everyone in the Kondux community. An exploit was exposed by a whitehat on Team Finance’s smart contracts that was used for locking the project’s liquidity treasury wallet. The situation has been resolved and we are now focused on the future of Kondux and how we are coming back stronger than ever!
For those who are curious about the exploit, an in-depth article covering the events and timeline seen from the team’s point of view will be published after the $KNDX token migration is complete.
We will also have some exciting updates incoming soon and we have been working hard to bring on new team members and partnerships! We maybe even announcing some big surprises for holders of the Kondux Founders Pass, a powerful limited edition $KNDX Ecosystem booster that can still be minted here.
$KNDX Whitehat Liquidity Returned
The whitehat returned 95% of the ETH in the treasury wallet, keeping a 5% bounty for the service. Of the 209 $ETH returned we will be locking 175 $ETH into a new liquidity pool. This liquidity will be locked at launch, with Unicrypt.They are a trusted organization with a spotless track record of keeping contracts secure with their service.
The remaining $ETH from this treasury wallet will be used for further developing and marketing the upcoming Disclosure kNFT Collection, Kondux Founder Pass, and funding a vital hardware component to be used for our NVIDIA Omniverse platform, the firewall! Marketing the project and exposing Kondux technology to a wider audience is going to grow the project massively! It is vital to bring more people into the ecosystem as holders of the token and kNFTs.
We will still have an excellent liquidity to market-cap ratio, and we believe that lowering it will not be detrimental. This action will greatly benefit the project as a whole, and will provide the resources necessary to achieve next level exposure and will give us the ability to implement the technology needed to complete roadmap goals.
We are aware many of you will have questions about the upcoming kNFT collection, and what this setback means for our mint. You can rest assured the mint will still be going ahead, albeit at a slightly delayed timeline. 100% focus right now is on reestablishing the project, and making sure we do nothing short of a stellar job for our community, who so solidly stood with us during this difficult time.
Article about funds being returned: https://cointelegraph.com/news/team-finance-hacker-returns-7m-to-associated-projects-after-exploit
Token migration to a new contract is obviously something the team wasn’t thinking we would be doing at this stage. We will however make the best out of this bad situation, and feel we are in a unique position to capitalize from the crisis. Not many projects can say they have survived a hack and come back stronger than ever!
As a part of the hack an amount of $KNDX was taken. This is a major factor that drove us to decide it would be best to migrate to a new contract and do a full relaunch of the project token. All wallets will get airdropped 1:1 amounts of the $KNDX token, with the exception of the contract that currently holds the lost $KNDX. This token migration will maintain the $ETH:$KNDX ratio and the original amount of the $KNDX token pre-exploit.
Monday November 7th 2022 is the date we are working on the token migration. This is our second migration ($GREY to $KNDX) and we are extremely confident this will be as seamless as the first! Prior to this day we will be constructing and testing the contracts and submitting all relevant API information Dextools, CoinGecko and CMC for listing purposes.
PLEASE DO NOT TRY TO TRADE ANY KONDUX TOKENS UNTIL YOU HAVE RECEIVED THE OFFICIAL CONTRACT ADDRESS FROM THE TEAM.
COPYCATS ARE LIKELY TO POP UP TO TRY AND TAKE YOUR HARD EARNED MONEY. STAY SAFE!
All $KNDX wallets will receive and airdrop 1:1 of the new token. A snapshot was taken immediately following the exploit, and we will be airdropping identical amounts of the new token to your wallet. If you were holding the original $KNDX at the time of this snapshot, you don’t need to do anything to receive your new tokens. New token, same supply, same ticker, same wallet distribution. Once the contract goes live, all you will need to do is to add the new contract address to your wallet and your new $KNDX tokens will be there.
30 minutes prior to trading resumes, we will be on Twitter Spaces with an amazing mystery host! At this time the new contract address will be made publicly available simultaneously across all our platforms Twitter, Discord and Telegram. The relaunch will be HUGE, with competition giveaways, Twitter Spaces, and more AMAs to support the migration event.
Marketing | Upcoming Twitter Spaces
We have 2 confirmed upcoming Twitter spaces, the first with our good friend and 3D artist MonksofCrypto on Thursday November 3rd 2022. During this space the team will briefly discuss the exploit, but will be primarily talking about all things Kondux technology and the dynamic Disclosure kNFT Collection! Be sure to join for the chance to win some awesome prizes.
The second Twitter Space will be a Megaspaces hosted by Safemint on Sunday Nov 6th at 1pm PST. This space features some of the biggest and best upcoming projects in the NFT space! We can’t wait to get in there and give our pitch to the huge crowd that will be listening!
Don’t forget to set your reminders, you can find the events on our Twitter Profile!
Marketing | $KNDX Telegram Channel
To celebrate the token migration, we are also delighted to announce we will be reopening our Telegram channel. It will help build hype in only the way a Telegram channel can! We have recognized the demand for this for a while, and our excellent admin team has volunteered to take total control of the Telegram, whilst also moderating in Discord, leaving our dev team to get back to doing what they do best! Expect to see this open again this week!
Once more, we would like to extend a huge thank you — to our community, the many Crypto Twitter personalities who reached out to us to lend support, our admin team, and everyone else involved in helping us navigate what could have been an incredibly painful time.
It was always our belief that no matter the outcome of this exploit, we would be back stronger than ever, and this relaunch is the first step. The support we felt as a team and community was incredible, it made the situation the best it could be as everyone rallied around the project and kept spirits high. We couldn’t have done it without you all.