PARSIQ Takes Measures to Mitigate CoinMetro Hack and Secure Uniswap Liquidity Providers Funds

DON’T BUY OR SELL CURRENT PRQ TOKEN as of NOW.

We have just performed a hard fork on the block 11008759, timestamp Oct-07–2020 01:05:28 PM +UTC. We already planned to do a migration to upgrade our smart contract, but the CoinMetro security incident expedited our actions. PARSIQ now investigates the case together with CoinMetro.

CoinMetro Updates

PARSIQ team developed a plan on how to recover stolen PRQ funds. It was challenging, yet doable. The challenge is to save Uniswap Liquidity Providers. Those Liquidity Providers that we knew personally, we already notified, that they need to remove the liquidity. And the community has already seen that most of the liquidity was removed from the Uniswap.

Here you need to understand that we have no right to do it publicly as it would be an invitation for the hacker to dump stolen funds while liquidity is being removed from Uniswap. Meanwhile, this night we contacted all centralized exchanges: Poloniex, Hotbit, Bitmart, and Bilaxy to freeze deposits and withdrawals to isolate them and their users from the stolen funds. The only exchange that we can’t stop (by definition) is Uniswap.

To save Uniswap Liquidity Providers we prepared the following sequence of steps:

1. Make a snapshot of the PRQ balances on the block
2. Make a snapshot of the Uniswap-PRQ liquidity shares (they are ERC20 tokens as well)
3. Make a hard fork without a prior notification not to give the hacker an opportunity to spend the funds
4. Unlock our reserves (we got the approval from our custody)
5. Perform a white-hat attack on Uniswap with our unlocked reserves to grab all the ETH just immediately after announcing the hard fork,. thus eliminating notification time for hackers to do any flash selling. And we will save almost all the Uniswap ETH of other people.
6. Create another pool and restore their PRQ, ETH, and then issue the same liquidity shares to the same addresses as they were before the hard fork (because we made a snapshot of that shares along with a snapshot of balances). So actually we will try to save the remaining ETH in the pool using already worthless tokens.

PLEASE BE PREPARED FOR THE (FALSE) FLASH CRASH ON UNISWAP.

DON’T BUY OR SELL CURRENT PRQ TOKEN as of NOW.

🤝 Please be patient. This flash sale will be made in the very next moment after the hard-fork. After that, all the balances will be restored.

On the moment you read this announcement the hard fork has already been performed, and your current old PRQ balances are meaningless. Please do not accept any PRQ token and enter any OTC deals for the old token as of now. Soon we will provide a new token address and you will get the exact balance before the hard fork.

For the Uniswap Liquidity Providers we’re trying to do our best and we believe that our plan will help save most of Ethereum in the liquidity pool.

Sincerely,
PARSIQ Team