TeraBlock Token Burn Event
Here’s what you need to know about the TBC token Burn event
Driven by our vision to cultivate a radically transparent and non-restrictive trading ecosystem, our team at TeraBlock is continuously engaged in developing innovative solutions to meet the needs of the dynamic market.
Even as crypto trade gains momentum from an increasingly favorable global climate and swelling investor confidence, the space is still exceedingly nascent. Crypto commerce is powered by mechanisms that run on open-source protocols making them vulnerable to manipulations by cyber-offenders.
“The recent Chainswap exploit is a hapless reminder of the vulnerabilities of this incipient industry.”
As a part of our enduring commitment to our community, we are taking all necessary measures to ensure that our investors are protected from any future disturbances or their implications thereof.
Even though TeraBlock stood out as the least affected project, hackers were able to penetrate into a gap in Chainswap’s smart contract leading to the fraudulent minting of TBC tokens. The attackers managed to sell 5,351,919 fraudulently minted tokens on Pancake Swap for $39,576 worth of Ether.
TeraBlock immediately resolved to offset the loss caused by this unwarranted superfluity and brought back 1,726,113 TBC tokens worth $57,272 BNB from the market. The tokens are securely deposited in two wallets. Here are the links to the two wallets:
The company plans to burn the remaining 3,625,806 TBC tokens from the liquidity allocation. A total of 5,351,919 TBC tokens valued at approximately $141,780 USDT will be burned to bring the total supply back to 400 Million tokens. By burning these tokens, TeraBlock will completely counterbalance the excess supply of 5,351,919 TBC tokens caused by the Chainswap exploit.
The burn event will take place on Tuesday 14th September, 12:00 PM UTC.