Token Sale Update
When our public sale started earlier this week, we received reports that there were issues with viewing BPZ token balances on Ethereum platform tools such as MyEtherWallet, EtherScan, and others. Our team was able to confirm this issue and quickly fix it.
After that time, we also discovered an incompatibility between BPZ and the Gnosis MultiSig wallet (as well as other MultiSig wallets) that prevents the transfer of BPZ out of a multisig wallet. Now that we have confirmed the issue and identified a fix, we are notifying the community to maintain transparency.
Prior to our public sale, we followed industry protocol throughout the development process and hired Hosho, an independent auditing firm to test and review our contracts. Unfortunately, these issues were not discovered during the auditing or testing phases because they revolved around interaction with third party wallets. Hosho has since identified a need to add third-party wallet testing to their auditing procedure.
As a result of these issues, we are stopping our crowdsale and burning the unsold tokens. Since identifying the problem, we have been working alongside Hosho and believe we have identified all issues and we have implemented solutions. We are currently running extensive tests to ensure that BPZ will work seamlessly with third-party wallets upon launch. We will be issuing a new BPZ token once testing is complete. This is the only token that will have any functionality on the BlitzPredict platform.
Anyone who currently holds BPZ will receive an equal amount of the correct BPZ token that will be used on our platform. This token will also have the BPZ ticker, but will have a different Ethereum address. Any tokens that are due to be issued, including airdrops and presale buyers, are unaffected by this and will be delivered as soon as we finish testing. Until this fix is released, all expert picks on the platform will remain free.
Despite the unfortunate circumstances surrounding the public sale, the project is in an excellent position. We have raised approximately 6,000 ETH, yielding us 2 years of solid runway. We are proud to have already released our beta platform, viewable here: https://app.blitzpredict.io/ and we are excited about our partnerships with Stox and Spectre.ai. While no founder wants to encounter these issues, I have never had more faith in my team and the project after witnessing how quickly we responded to these issues and identified solutions.
The MultiSig wallet issue, ironically, is caused by a check that David Carley, BlitzPredict CTO, wrote in our code to prevent a certain kind of attack against the token. Our token validates that the data it receives when processing a transfer is precisely the size that it should be. No shorter, no longer. This was done to mitigate the “short address attack”, explained here by Peter Vessenes, CEO of New Alchemy. Unfortunately, some MultiSig wallets contain a flaw that causes them to send extra “zero bytes” at the end of the valid data. Since our token looks for a precise length match, rather than simply “enough” data, transfer calls from the MultiSig wallet will always fail.
Since identifying this issue, we have implemented a fix that can and should be applied to MultiSig wallet contracts. While this won’t fix the problem for existing, deployed, MultiSig wallets, it will ensure that new wallets created in the future will not have this problem. We will be following up with a detailed technical blog outlining the discoveries we have made and the solutions we have implemented.
I will be closely monitoring our Telegram channel and openly giving updates and answering any questions to continue being as transparent as possible. Thank you for being part of the BlitzPredict community.