Security Incident Report: $PAC Token on Binance Smart Chain (BSC)
Overview of Incident
The $PAC token on the Binance Smart Chain (BSC) has experienced a significant security breach. An unauthorized party gained access to the creator’s wallet secret key, leading to a severe compromise of the token contract.
Details of the Breach
An external entity obtained the secret key for the $PAC token contract and subsequently minted 100,000,000 $PAC tokens. These newly created tokens were released into the open market, prompting immediate action from the $PAC team. Trading on MEXC was suspended, and liquidity on PancakeSwap was withdrawn. Despite these efforts, the incident resulted in substantial economic damage.
Immediate Response and Future Plans
The $PAC team has decided not to continue operations on the Binance Smart Chain. Instead, they will shift their focus to the OctaSpace network. This decision marks a significant change in the project's strategic direction.
Key Actions:
- Trading Transition: Negotiations are underway with MEXC to transition $PAC token trading to the OctaSpace network.
- User Compensation: The team is actively working on compensation plans for users affected on the BSC network. Full compensation for 5,000 $PAC ticket values is being planned.
Specific details on the timing and methodology of compensation will be announced in due course. Stakeholders are advised to monitor official communications for updates.
Commitment to Stability
The $PAC team emphasizes their commitment to stability and market confidence. They plan to act as a strong market maker upon the resumption of trading, aiming to restore trust and ensure the project's continued success.
Communication and Support
The $PAC team appreciates the community's patience and support during this period. For the latest updates, stakeholders are encouraged to follow the project's social media channels.
Of course this should get 1 star, as it is far from good progress, but I am pleased to see how the team act to the situation and comes with solutions. I add up 1 star because of that, as I am part of the investors, yet didn't loose my trust. Show Less
