PECULIUM Has triggered a Crisis Plan to give users confidence in PCL

PCL has taken the last days to speak with BitMart and our key partners to establish a transparent path forward after BitMart exchange was hacked for 93 million PCL tokens. To read our overview on the incident and the immediate steps PECULIUM took to protect our users visit here.

We appreciate our community’s patience, support, and discussion on this topic. Our highest priorities during this decision were to ensure our community members were protected and the longevity of PCL. This error has brought light on the importance of security within decentralized networks and is a great example of why at PECULIUM we use best-in-class security protocols for our internal development procedures, taking time to study DeFi world for more than one year and a half to enter it in a timely manner.

Key facts

  • BitMart are working with the FBI, top world security firms, and asset managers to make sure they minimize the impact and recover the funds that were stolen and other externalities caused by their security errors. BitMart has committed to purchasing 93 million PCL OTC to make sure that every user on their exchange has the ability to withdraw. But we didn’t accept their offer.
  • 6% of the total supply in the hands of the hacker is neither an acceptable nor a safe situation for our community. Hence, PCL token will not continue with the current token contract for security purposes.
  • PECULIUM has triggered a Crisis Plan.

Risks Overview

PECULIUM will be issuing a V2 of PCL tokens because:

  • The risk of hacker funds being moved is still there: The BitMart hacker is still holding 93 million PCL tokens. You can view his wallet here.
  • PECULIUM did not have the ability in our token contract to blacklist his address because our token does not have a “blacklist” option. Even if the wallet has been identified by many top security experts (and industry aggregators such as Etherscan and Certik) as a hacked wallet, any additional movement from that wallet can be possible.
  • There is still a risk that the hacker tries to sell the wallet to someone else for a discounted rate of the total tokens.

PECULIUM Crisis Plan

As 6% of the total supply (93M PCL tokens) not being under control, PECULIUM has created a Crisis Plan to make sure we give our community the confidence they deserve to use PCL moving forward.

PCL V2 is triggered and the following actions are taking place to make sure all user funds are safe:

  • PECULIUM wrote a new PCL smart contract and is in the process of auditing it.
  • PECULIUM has taken a snapshot at the exact time of the V2 trigger to obtain all address and balance data.
  • PECULIUM has deployed the new smart contracts from our public deployment contract.
  • PECULIUM is issuing the V1 holders their exact balance of V2 tokens.
  • PECULIUM is working with all exchanges and wallets to make sure that they support PCL V2 with their existing user balances.
  • PECULIUM has notified Coingecko, CoinMarketCap, Messari, and other crypto information sites to track the new token.
  • PECULIUM is working with Blockchain explorers to properly label the contracts and verify their authenticity.
  • PECULIUM is changing all documentation to point to the proper links and contract IDs so that no users would be confused moving forward.
  • PECULIUM is making adjustments to our platform to make sure that V2 PCL is reflected throughout the entire ecosystem. Indeed, PECULIUM is changing the existing SAIΞVE platform infrastructure to support PCL V2.
  • PECULIUM has added additional trained support staff to make sure that all users know how to access their PCL V2.
  • PECULIUM will provide public documentation on our website and in our support system to make sure that all existing users have access to the official information.

Other Considerations

  • Despite the high operational time and cost (6 figures) to do a V2 of our token, we have chosen this option to protect 100% of our investors and stakeholders.
  • Even if V2 of a token could cause user confusion, we have decided to hire a large dedicated task force to bring transparency to the current situation and conduct the change management.
  • Nearly 77M PCL tokens have been withdrawn from BitMart already without issue.
  • PECULIUM has been approached by several new partners to establish key relationships to make PCL more accessible with more widely used and reputable exchanges that meet our rigorous security standards for partnerships. We will only partner with projects that publicly display proofs of their audits.
  • Statements presented in this article are based on Telegram messages from official BitMart team members sent to PECULIUM representatives

An AMA will be conducted with the community on Friday 17th December 2021, to answer all questions you may have.

Thank you, PECULIUM Community for your patience.

Now we move forward!

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