Hello Swirgians,
In the late hours of 20th May 2021, there was an economic exploit with one of the smart contracts, meant to host SWGB Tokens meant for liquidity provisioning on the Binance Smart Chain.
The contract; https://bscscan.com/tokentxns?a=0x8f6ab855a82f5d58339c173ea3bbd9cf29d1c0a3
A user with the address “https://bscscan.com/address/0xc3bc29941677db01b9645f7b8b72d27e3ba75372" exploited the contract, which was an old version contract of Justliquidity swap that has been discontinued several months ago to issue out the locked SWGB tokens into the JULB/SWGB trading pair on Julswap.
Approximately 24.7 Million SWGB Tokens were moved,
Transaction hash; https://bscscan.com/tx/0x500a3a93d5526bdfb9692f73695bb4149df215718e74a6b3122946e9d80cd0f0
The user managed to sell approximately 10.93 Million SWGB Tokens on Pancakeswap v2, thereby crashing the price of SWGB tokens on the market. The remaining SWGB Token remains forever locked on the JULB/SWGB pair in Julswap.
This user made out with approximately 1,685 WBNB Tokens, worth $639k at the time of writing.
This was not a hack and we would like to clarify that we have vetted all our contracts on Swirge Finance, including the Swirge Finance Token (SWFI) to be safe and free from any possible exploit.
Also, here is the address for Swirge development to show that no team member sold any of their SWGB tokens; https://bscscan.com/address/0x7e37EB649Dd7d83d538A1ED8123942DF4a93F95B
We are currently working on possible solutions to recall back all the excess SWGB Tokens now in circulation and bring the price of SWGB back to what it was before the exploit or much closer to it.
A plan will be drafted out and shared with the public by Monday the 24th of May 2021.
We appreciate the support from the community as we work to bring back SWGB on track.
Team Swirge.
