Firstly, we’d like to thank you for the patience and understanding you’ve shown throughout the latest events.
When it was decided to start our token sale, we acknowledged the importance of having a robust and secure SmartContract. For this reason, we decided to outsource its development to a third-party who was supposed to deliver a built-in solution. On top of that, we also audited the Smart Contract in order to ensure that everything was fine. The report can be found here.
Unfortunately, we are afraid to say that we have experienced an error when closing the Smart Contract. In plain words, there was a mistake translating the wallet address from JavaScript to Solidity that made the SmartContract to interpret wrongly the destination address for unlocking the raised funds. A copy of the SmartContract master-code where the deploy file is, can be found here (please note that the addresses are examples by the Smart Contract creator).
Also, a more technical explanation can be found here.
Thus, whereas we intended to send the funds to,
0x132623d797FE61f8E1D1aE2aA17Fc997a4f9bf77
they were sent to:
0x132623d797FE61De05De0aB5ec5E7A8380000000
What will we do next?
We are not quitting. We want to make PayPro a reality and hence we are going to struggle as much as possible in order to accomplish so.
This is why we are going to take the following actions:
1. We have sent a formal letter to the Ethereum Foundation asking for this error to be solved so it does not happen again in the future. You can find a copy of the letter here.
2. We are going to sue both the Smart Contract developer and the Consultancy Company who reviewed it. Evidence on the collaboration with the Smart Contract creator can be found in this folder. More info on how to join the lawsuit can be found below.
3. We are looking for a private investor to join PayPro so we have the minimum funds to keep on.
4. Regardless of the outcome of the above actions, we are working to list our token in Bancor anyway. This way, we aim at creating a token economy that should allow us to keep the project on. We just need to double-check from our lawyers in this regard. Final decision will be taken very soon.
How can the funds be recovered?
Unfortunately, we do not have access over the above-mentioned account ending in …8380000000. As all the funds collected during the Token Sale are in there, there is no way for us to refund.
As we believe that both the company who developed the Smart Contract and the Consultancy Agency are responsible for having delivered a product that did not work, we are going to claim for compensation.
The lawsuit is now being prepared by our lawyers. If you want to be included in the lawsuit in order to claim part of the compensation, please fill this form. Even though you do not have to fill the form for receiving any potential compensation, we believe this is a mean to provide you with more legal security as your name will be also in the lawsuit against the suppliers.
Our legal strategy will be released in a report on next Wednesday, April 4th, 2018.
All funds received from the compensation will be proportionally distributed to those contributors who have joined the Token Sale.
We take this opportunity to apologize for this fatal error. The whole PayPro team is ashamed and sorry for this. We are working on solving this error in the best way possible for the whole community.
In case you have any further enquiry, please send us an email to “info@thepaypro.com”. We will reply to all emails and provide with all the necessary help and evidence of what happened.
Also, we have scheduled a conference in Hangouts for next Thursday, 5th April 2018, at 11:00h GMT where we will explain this in person and will reply to all your questions. In order to join, please follow this link.
Yours sincerely,
PayPro team.
