COSG Migration
DISCLAIMER: No team member will DM you about the new token. Do not give your wallet keys to anyone claiming to be from the team. There is no new token yet so please do not buy anything labeled Cosmic Gold or similar. The migration plan provided in this blog post may change. Check our announcements on Twitter, Discord, Telegram, or Reddit for confirmation of the launch dates.
On Tuesday the 7th of March we removed all liquidity from Cosmic Gold (COSG) to protect the project’s funds and our community’s tokens. The recent MyAlgo Wallet hacker stole a large amount of COSG from at least one of our whale’s wallets. This was enough COSG to drop the token price by over 50% which poses a significant ongoing risk. It’s impossible to run a project knowing that at any time a malicious actor can sell stolen tokens, steal some of our funding put into liquidity, and deal substantial damage to the project.
We were closely watching the situation from the moment we learned about the recent hacks. We chatted with our VCs to work out the best course of action. That’s how we were able to act immediately when the hacker escalated their activity by selling ASAs and targeting wallets with small balances.
We took a snapshot of all wallets holding COSG, all wallets staking on Cometa, and all wallets providing LP in ALGO/COSG pairs on Tinyman, Humble, and Pact. Snapshots were taken immediately before and after we pulled liquidity in block 27461026 at 12:56 am UTC on Tuesday the 7th of March. We removed all the liquidity we could from the COSG/ALGO pairs and we bought NFTs that were listed for COSG on Algogems and Exa Market. The liquidity we drained and the NFTs will be returned to their owners.
COSG has been abandoned by the project and is now a worthless token. PLEASE DO NOT BUY COSG (ASA 571576867).
We will be migrating to a new token which we aim to mint on the 17th of March and distribute on the 24th of March. The reason for the 1 week delay is to provide ample time for people to opt-in to the new token before we distribute it. Don’t worry if you opt in after distribution, we will keep all unclaimed tokens in a dedicated wallet which can be claimed at any time. The sequence of events for the launch of the new token is planned as follows:
- 17th March — mint COSG V2 (DONE — ASA 1065092715)
- 24th of March(delayed) — launch COSG V2
- add liquidity at the same price when liquidity was removed (~ $0.029)
- 3 hours later, begin the distribution of half of everyone’s tokens (batch 1) - 25th of March(delayed) — launch staking pool on Cometa
- 31st of March(delayed) — distribute the second half of everyone’s tokens (batch 2)
- you can check status of your reimbursement here: https://beta.cosmicchamps.com/cosg-v2
There are several things out of our control that need to occur for us to launch on these dates. We will confirm the launch date as soon as possible.
COSG V2 will be distributed to the same wallet that held COSG V1 when we took the snapshots on Tuesday the 7th of March. We will provide a webpage for you to connect your wallet to check if it is eligible for COSG V2. If your wallet is a mnemonic wallet that was set up on MyAlgo then please move it to Pera or Defly and rekey the wallet immediately, if you haven’t already. If you have lost access to your wallet, please open a support ticket on our Discord server: https://discord.gg/cosmicchamps.
We hosted an AMA on Friday 10th of March to lay out the migration plan and answer community questions. You can listen back to it here (AMA starts 15 minutes into the recording): https://twitter.com/CosmicChamps/status/1633918259211939840.
Below is a list of answers to common questions we have received from the community.
Q. What happened to the COSG price?
A. To protect the funds of the project and our community’s tokens from the MyAlgo hacker, we removed all liquidity in the token and will migrate to a new token. None of the team Cosmic Champs wallets were compromised by the hacker. We take security extremely seriously. Our wallets are multi-signature ledger wallets so they are almost impossible for the hacker to access.
Q. Did the team rug?
A. No. The team provided over 90% of the liquidity in the COSG/Algo pairs at the time. We drained all of the ALGO liquidity provided by others and will reimburse them very soon.
Q. How did you remove liquidity that you didn’t provide?
A. Technically, we can’t remove the liquidity provided by others this is why some liquidity is still showing on Vestige. To protect the liquidity provided by others, we drained all the ALGOs we could by swapping COSG for ALGO.
Q. I was providing LP, will I receive the new token and have I lost my ALGOs that were in the pool?
A. You were included in the snapshot like all other COSG holders. We are checking our wallets and numbers with Tinyman and Humble to ensure no mistakes are made. You will receive the new token 1:1 to replace your COSG and your ALGOs will be reimbursed soon. We drained the liquidity from the COSG/ALGO pair and will send the same amount of ALGOs back to the wallets of all LP providers. This will happen as soon as possible. We need to check our snapshot with the records of each DEX. Once verified, we will distribute the same number of ALGOs back to each LP’s wallet.
Q. I was providing LP, what will happen to my governance rewards?
A. Our actions will not impact your ability to claim governance rewards. You did not remove your liquidity. You still have your LP tokens. Keep them staked for the period and you will receive rewards.
Q. I am a COSG holder, will I receive the new token?
A. Yes, we took a snapshot of all COSG held in wallets, staked on Cometa, and LP on Tinyman, Humble, and Pact. Everyone who had COSG at that time will receive the same amount of the new token (1:1) to the same wallet that held COSG. Please rekey the wallet immediately if you haven’t already. If you have lost access to your wallet, please open a support ticket on our Discord server: https://discord.gg/cosmicchamps.
Q. Can I check if my wallet is eligible to receive COSG V2?
A: Yes. We’ll provide an online tool that will allow you to check your allocation of COSG V2.
Q. So you will exchange my COSG for the new token?
A. No. This would allow the hacker to exchange the stolen COSG for the new token. We will distribute the new token to the wallets listed in the snapshot. This means you need to maintain access to that wallet. If your wallet was set up using MyAlgo, we highly recommend that you rekey it on Pera or Defly and no longer access it using MyAlgo. If you have lost access to your wallet, please open a support ticket on our Discord server: https://discord.gg/cosmicchamps.
Q. The wallet that held COSG was hacked. Can I change the wallet recorded in the snapshot?
A. Yes but only if the hacker rekeyed the wallet so you have lost access. If you still have access to the wallet then rekey it on Pera or Defly and that will prevent the hacker from accessing your wallet again. If you have lost access to your wallet, please open a support ticket on our Discord server and we will work with you to swap the wallet recorded in our snapshot: https://discord.gg/cosmicchamps.
Q. When will the new token be released?
A. Our plan is as follows:
- Mint the new COSG token on Friday 17th of March
- Distribute half of everyone’s tokens on Friday 24th of March
- Distribute the second half of everyone’s tokens on Friday 31st of March
These are tentative dates as a lot of things need to be completed in the background before launching COSG V2. We will confirm the launch date as soon as possible.
Q. Do I need to keep my COSG to get the new token?
A. No. We’ve taken the snapshot so you can do whatever you like with that COSG. It will not impact your access to the new token.
Q. Should I buy COSG now because the price is so low?
A. No. Please do not buy any COSG V1 (ASA 571576867). It is now a dead token. We will not be using this token ever again. We will migrate to a new token.
Q. What should I do with my staked COSG on Cometa?
A. The COSG staking rewards are now worthless. Sorry about that. However, you can still win NFTs by keeping your tokens in the pool for at least 20 days. Every 20 days staked gives you a chance to win.
Q. I had NFTs listed for sale in COSG at the time and they are now gone. Have I lost them?
A. We bought all the NFTs we could see listed in COSG on Algogems and Exa Market. We did this to prevent others from buying them with a worthless token. We will send them back to the wallets that listed them before the 19th of March.
Q. How will you ensure COSG V2 isn’t distributed to the hacker’s wallets?
A. We have a list of the hacker’s wallets which will be excluded from distribution. We have also released an anonymous form for all community members whose wallets were hacked. Please tell us if your wallet was hacked and you lost control of your wallet. That will allow us to exclude it from distribution. Then open a support ticket on our Discord server so we can update your wallet in our snapshot: https://discord.gg/cosmicchamps.
Q. When will February COSG holder tier rewards be distributed?
A. Before the 19th of March.
Q. When will the monthly Season 1 NFT airdrops be distributed?
A. With the first distribution of the new token on the 24th of March.
Q. When will the outstanding Crew3 rewards be distributed?
A. With the first distribution of the new token on the 24th of March.
Q. Can I still participate in Crew3 Quests?
A. Yes but we can’t distribute rewards until the new token has been launched.
DISCLAIMER: No team member will DM you about the new token. Do not give your wallet keys to anyone claiming to be from the team. There is no new token yet so please do not buy anything labeled Cosmic Gold or similar. The migration plan provided in this blog post may change. Check our announcements on Twitter, Discord, Telegram, or Reddit for confirmation of the launch dates.
ABOUT COSMIC CHAMPS
Cosmic Champs is a play to earn, tower rush, real time strategy game developed by gaming studio, Mad Shapes. It aims to remove many of the existing barriers of entry for typical P2E games. This means it’s mobile first and no wallet, tokens, or NFTs are required to play. These innovations position Cosmic Champs to become the benchmark for crypto games in GameFi. The game will be available for Android and iOS devices late in 2022. Cosmic Champs NFTs are the gold standard in 3D game ready NFTs on the Algorand blockchain — a carbon negative blockchain built to be sustainable and secure, and the home to the FIFA+ Collect World Cup 2022 series of digital collectibles. The native governance token Cosmic Gold (COSG) is available on all major Algorand exchanges. Cosmic Champs graduated from the Algorand Foundation and Draper University Blockchain Accelerator Program in 2021 and conducted an over subscribed private sale led by Borderless Capital.
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