The Day After ChainSwap Exploit & Our Action Plan

Background

DAOventures has been using ChainSwap to move $DVG between Ethereum and Binance Smart Chain. ChainSwap was exploited yesterday, and a number of projects that partnered with them got affected. On DAOventures’ side, the hacker removed 300k $DVG worth $40k from ChainSwap and sold them on Uniswap.

We have tracked the transactions the hackers have made :

https://etherscan.io/tx/0x348cfdb0817c0a7a6d3b17d0250ef2b72f24b2b7375e76a26f220910f3a1086c

The listed transaction includes:

  1. All the withdrawals from the ChainSwap’s DVG vault
  2. Transfers from the initial wallet to different wallets
  3. Sales of $DVG on Uniswap

For now, ChainSwap has frozen our $DVG tokens on BSC as a precautionary measure. Please take note that $DVG on BSC cannot be swapped on Pancakeswap or transferred to other wallets.

Please note that all funds in DAO Citadel/Elon’s Ape or other invest strategies are safe and unaffected.

Our Action Plan

DAOventures is currently working on a detailed plan to improve the community with a better token mechanism that will benefit the project and safeguard the community in a long term. Hence we have made the following important decisions:

  1. Upgrade from $DVG token to $DVD token

All $DVG holders will be able to swap to the newly upgraded $DVD token (DAOventures DeFi) in 1:1 ratios. Snapshot will be taken at 1 block before the exploit took place. For those who had purchased $DVG with no knowledge of the exploit will also be able to swap to the new $DVD token.

SNAPSHOT
https://etherscan.io/block/12801522 at Jul-10–2021 07:29:41 PM +UTC

2. DAOmine & DAOvip smart contracts will be upgraded and deployed

🎉With this token upgrade, there would be a more intricate burning mechanism and tiered staking structure in place moving forwards. Details to be announced before July 16.

3. DAOmine and DAOvip deposits are disabled for now

Please go to https://app.daoventures.co/daomine and withdraw your LP tokens.
(click “withdraw MAX withdrawal and vipDVG/daoCDV only”). Your pending rewards will be sent to you afterwards in the form of new $DVD token.

4. Internal token bridge DAOswap incoming

As for bridging to Binance Smart Chain, we will be releasing our own bridge moving forward.

We are doing our utmost best to upgrade the community and security, along with getting back on track with our product development.

While some of the ChainSwap partners have lost an immense amount of their tokens, we are still grateful that we have secured our product and project itself. Our priority will always be the security and safety of users’ funds. We remain committed to the goals of the project to continue to deliver results and progress for our community.

We just launched our flagship products DAO Citadel (crypto-ETF), DAO FAANG Stonk, and soon to cross over to Polygon supposed to go live next week. So expect more big news from us in the coming weeks!

We want to sincerely thank our community for its continued support and confidence in us.

DAOventures Team

About DAOventures

DAOventures is a DeFi robo-advisor and automated money management platform. Imagine “Robinhood for DeFi”. It is our mission to make DeFi simpler, accessible & inclusive. We believe in creating a simpler, more accessible, and more open world that is permissionless, inclusive, and guided by our DNA of continuous learning, integrity, and transparency.

Website | Github | Gitbook | Discord | Telegram

Twitter | Linkedin | Facebook | Reddit

--

--

--

DeFi ETF Index Fund, basket of auto-compounding LPs

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Safle Review 💫💫

Operational Cyber in the U.S. Army

The Late Late Tech Show… so late it’s Monday Morning

Thank you VoskCoin for featuring PrivacySwap.

REACT Locked Staking Campaign

What Is Open Zeppelin?

Why strong leadership is crucial for cybersecurity

Cryptocurrency Clipboard Hijacker Discovered in PyPI Repository

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
DAOventures

DAOventures

DeFi ETF Index Fund, basket of auto-compounding LPs

More from Medium

Metathon — Financial NFT& DAO Winners

Penguin Karts — a paradise for everyone? [P2E, NFT, WAGER]

SubDAO Launched PolkaSign Beta Which Will be Embedded in Ventures DAO

Yield Earning with Metaverse Farm on Thothus