ChainSwap, one of our partners, fell victim to a hack at approximately 22:00 UTC on 07/10/21. The attacker was able to sell $BLANK tokens held on the ChainSwap smart contract. ChainSwap is yet to issue a detailed statement on the incident, and we await their next steps.
Numerous projects associated with ChainSwap have been affected by this incident. We were able to limit the damage done by quickly removing our liquidity on both PancakeSwap and Uniswap. As a result, the hacker was able to sell approximately $240,000 worth of tokens, a small percentage of our total market cap. The largest victims of this hack have been liquidity providers, so we’ll be working closely with ChainSwap in order to compensate them. More information on this will be provided as the situation becomes clearer.
Our Course of Action
We want to make it clear that this incident changes none of our future plans. However, we’re taking the situation very seriously and are enacting the following course of action:
- A snapshot prior to the incident will be taken
- A new token will be airdropped to holders on the snapshot (including CEXs)
- $BLANK token support for Binance Smart Chain will cease indefinitely
- Binance Smart Chain token holders will receive their tokens on the Ethereum network, on the same address
- All Binance Smart Chain liquidity will be transferred to the Ethereum network
As a result, we advise that all liquidity providers withdraw their liquidity as soon as possible until a new token is released. All trading activity should also be ceased.
A new token will allow us to add approximately $1,300,000 in liquidity and restore the token to the price seen before the hack.
A snapshot is a historical view of a blockchain at a particular point in time. It records the contents of the entire blockchain ledger, which includes all existing addresses and their associated data.
This means that $BLANK holders will be airdropped the exact amount of tokens held prior to ChainSwap being hacked.
What the Future Holds
It is needless to say that we are deeply saddened by this incident. Security is of utmost importance to us, and we understand that providing a safe platform is paramount. At its core, we recognize that this is an issue of decentralization and that the centralized nature of our bridge with ChainSwap was a point of weakness. In the future, we’ll be exploring options to limit these points of weakness and keep the project as decentralized as possible.
We’ve made major progress this year, and we want to reiterate that we remain committed to pressing on with our future plans. It was really exciting to finally share the testnet version of Blank Wallet with the community, and we’re even more excited about the mainnet release.
This incident perfectly demonstrates our reasoning behind our ongoing third-party public security audit with Least Authority, one of the most reputed auditing firms. Guaranteeing the security of our product is imperative for the long-term success of Blank Wallet. As much as we want to go live on the Ethereum network, we’re taking a few extra steps to ensure that Blank Wallet is fit for release and 100% safe.
We’ll be taking all the necessary steps to release a new and upgraded token so that trading activity can resume, so stay tuned for further updates. In this trying time, it’s critical to band together as a community and remember the bright future ahead.
About Blank Wallet
Blank is the most private, non-custodial Ethereum browser extension wallet.
Blank allows the user to easily interact with privacy smart contracts on Ethereum to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.
Blank solves the problem of privacy in crypto transactions. Each time you want to make a withdrawal, Blank will create a new wallet address for you with the amount of crypto that you requested. This address originates from the smart contract where everyone’s funds are pooled. All of this is achieved using cryptographic proofs to ensure that the user cannot be linked with the original depositing address.
With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. Blank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.
Anyone can easily install Blank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, Blank wallet offers a higher level of privacy due to Tor integration. Upcoming functionality includes DeFi web3 integrations as well as support for Metamask Snaps Plugins to allow for seamless connectivity and usage.
Reclaim privacy on your Ethereum transfers. Go Blank.