At the request of the community, here is more information concerning the transaction we recorded on June 1st, as a result of which 245 BNB was withdrawn using a flash loan.

Generally speaking, nothing is withheld, since all information pertaining to transactions is open and accessible, but we always err on the side of security and aim for full transparency, thus we decided not to brush this under the carpet, and want to explain what exactly happened.

Flash loans are an option provided by popular DeFi protocols. It allows you to borrow cryptocurrency without collateral, but with the condition that the debt will be returned in the same transaction block. There are many cases in which funds have been withdrawn from exchanges using the Flash loan mechanism, which was designed to operate for benign purposes.

Our two tokens - the old V2 and the new V3 - were linked by one migration contract. At the same time, there was very little liquidity in the old token - this made it possible to manipulate using the flash loan function. And if it's possible to manipulate something, then for some people it would be rude not to take advantage of the situation, right?

The modus operandi is quite well-known - the smart contract did not take into account the spread between liquidities during the migration. The amount of funds in the old pool was limited, since you are actively migrating your tokens (special thanks to you for that), so the withdrawal amount was not critical for us. Although we'd be lying if we told you it was a pleasant situation...

This is the price we paid to gain valuable experience: once bitten, twice shy.

The team is still as positive as ever, and is preparing the mainnet with even more determination.

In the following posts, we will answer your most frequently asked questions, tell you about the next steps we took, reveal our roadmap to making further progress.

And next week will be our scheduled AMA session, where we usually talk about our news and progress on the way to the mainnet.

Let's stick together. Onwards and upwards!

#staking #cellframe_news

❓We continue to answer your questions. One of the most popular is about the emission of tokens, which coincided with the exploit on June 1st.

It was part of the planned emission for the team, which we spend on the development and support of the project.

❗Our tokenomics has not changed. You can find detailed information about the emission of tokens in the article https://cellframe.net/blog/Cellframe-Tokenomics/

#staking #stake_cellframe #cellframe_news

We've updated our roadmap to keep you informed about the mainnet development process 👉

#cellframe_news

Join Cellframe, as usial, on Thursday, for our AMA!

June 15, 12:30 UTC
We go live on our YouTube channel.

CEO Cellframe Dmitriy Gerasimov will talk about:

- exploit June 1
- mainnet roadmap update
- news of all our projects

Drop questions in the form or in the comments here!

#AMA_cellframe

What did the team do in the aftermath of the situation on June 1st?

Scheduled monitoring of the infofield revealed a situation labeled by the community as a "hack".

A smart contract specialist began to investigate what had happened.

We blocked migration on all sites until the details were clarified.

We removed liquidity from the LP pairs migration contract with the old token.

We put a ban on the staking of pairs with the old token.

Single migration was enabled.

With the help of QA we checked how the commission for conducting transactions is removed, and how its size is affected by the weight of the stake.

At the same time, we monitored the ongoing discussions and kept abreast of the situation in the communities.

At the same time, we got to the bottom of and laid out the scenario of user actions

Outcome:

The attack occurred due to a vulnerability in the migration of LP pairs. We subsequently disabled all features of this migration, rendering any new attack as an impossibility.

We are now finalizing the script for parsing affected wallets and preparing airdrops.

#bugs

We continue to answer questions from the community. Today we're going to focus on the marketing wallet.

The marketing wallet contained 2,000 BNB of funds that belonged to our former partners. We agreed to give them these funds in exchange for them returning all the keys to us.

Now they have the funds and we have the keys: this gives us the freedom to concentrate on the further development of the platform, which we are actively doing. If you follow our news, you will see this.

Our marketing is financed by funds raised from the additional issuing of tokens.

In addition, a 1% tax on the new token collected for the needs of the project after the completion of the active development phase, will also go towards our marketing budget.

Plus, we have a bridge fee and a tax on trading inside the Cellframe DEX.

Participate in community events, spread the word about our projects to your friends, and get ready for the launch of our mainnet!

#stake_cellframe #cellframe_bridge

Join Cellframe, as usual, on Thursday, for our AMA!

June 15, 12:30 UTC
We go live on our YouTube channel.

CEO Cellframe Dmitriy Gerasimov will talk about:

- exploit June 1
- mainnet roadmap update
- news of all our projects

Drop questions in the form or in the comments here!

#AMA_cellframe

Introducing the Cellframe Marketing Roadmap:

Q3 2023
- Separate AMA at mainnet launch
- Preparation of itinerary for community members
- Participation in the organization of the Non-Stop University Cryptographic Scientific Olympiad CRYPTO
- Participation in various professional conferences
- Restarting the Ambassador Program.
- Further development of our animation project - forthcoming release of a series of cartoons in partnership with Cellxar studio

Q4 2023
- Implementation of the action plan for the community (competitions, challenges, marketing events, development of a reward system, gamification of activities), active work of admins within communities
- Promotion of new platform features available after mainnet launch
- Events: professional events, partner promotion events, collaborations
- Start of Event Managers' activity within communities
- Attracting Ambassadors, Ambassador Program 2.0
- Participation in the organization of the Non-Stop University Cryptographic Scientific Olympiad CRYPTO
- Access to new CEXs

Q1 2024
- Development of a community of developers and enthusiasts, implementation of an action plan for various audiences (competitions, challenges, marketing events, development of a reward system, gamification of activities), active work of admins within communities
- Promotion of new platform features available after mainnet launch
- Partner events for promotions, collaborations
- Active work of Event Managers within communities
- Development of the Ambassador Program, increase in the pool of ambassadors, special events and reward system
- Development of own video production direction
- Launch of a merch line
- Participation in crypto and IT conferences to promote the platform

#stake_cellframe #staking #cellframe_news

We will go live on our YouTube channel at 12:30 UTC🚀

🔗Join our AMA session:
https://www.youtube.com/watch?v=HW6RvjMfjyw

See you there!🔥

#AMA_cellframe

For those who missed our AMA session on June 15th, or want to review, here's a full transcript including the June 1st exploit, marketing wallet, mainnet roadmap news, plans, and answers to your questions.

You can also go back and watch the recording at any time on our YouTube.

#AMA_cellframe