How AutoShark got economically exploited
Exploiter transaction:
https://bscscan.com/tx/0xfbe65ad3eed6b28d59bf6043debf1166d3420d214020ef54f12d2e0583a66f13
Exploiter used $36,800,000, 100,000 BNB for the attack, and approximately 2,500 BNB was exploited — $822,800. 100,000,000 SHARK tokens were minted and used to drained all the liquidity in the LP pool because our token market cap was small (only at $2,000,000 approx) SHARK tokens, which are sold immediately via 1inch -> AnySwap.
No vaults were compromised. All funds are safe except for the dip in SHARK prices. The exploit crashed the price of SHARK from $1.2 to $0.01.
We will be moving forward with $JAW tokens because attackers might still be holding substantial $SHARK tokens that can be offloaded into the market. We will resume operations on 1st June once the issues are fixed and preventive measures are implemented.
Meanwhile, you still have access to your funds from the Panther Pools if you wish to carry out withdrawals.
Compensation plan
- We will be issuing a new token $JAWS to migrate and compensate the Original SHARK Holders for lost Market Cap (there were zero losses from our Vaults). The new token, $JAWS, will be distributed to all SHARK and LP Holders based on the snapshot on block: https://bscscan.com/block/7698695
- The 30% performance fees from all the vaults will be channeled to $JAWS holders for the next 180 days.
- We will be setting up a $JAWS for $JAWS pool so that holders of $JAWS can stake their $JAWS immediately to get more $JAWS yield.
- We are setting aside part of the WBNB that we raised from IPO on PantherSwap to redistribute WBNB back to $JAW holders over a period of 90 days.
- We are burning all (approx 18,017,000) of our SHARK holdings that was minted during the exploit — 0xd9ebb6d95f3d8f3da0b922bb05e0e79501c13554
