ChainSwap Exploit Update #2: Recovery of $RAZOR from BSC
Please read our first update to get an overview of the ChainSwap exploit. ChainSwap has issued a reimbursement of $48,475 USDC, which was used to buy-back $RAZOR from the open market and burnt to reduce the circulating supply in the interest of our community.
The ChainSwap team has frozen $RAZOR on Binance Smart Chain as a precaution after the exploit. We worked closely with the ChainSwap team to find a recovery path for $RAZOR from Binance Smart Chain to Ethereum mainnet, following are the steps taken to migrate holders on Binance Smart Chain to Ethereum mainnet.
Migration of $RAZOR from BSC to Ethereum:
- ChainSwap helped Razor Network pull liquidity from the $RAZOR/$BNB PancakeSwap liquidity pool without unfreezing $RAZOR on Binance Smart Chain, transaction hash.
- We have airdropped the recovered $BNB to the liquidity providers on Binance Smart Chain based on their share of the pool, transaction hash.
- As per the token balances on the snapshot taken before the exploit on Binance Smart Chain, we have airdropped ERC-20 $RAZOR 1:1 on the Ethereum mainnet, Tx1, Tx2, Tx3, Tx4.
- Stakers on $RAZOR/$BNB PancakeSwap have been also airdropped their respective $RAZOR rewards on the Ethereum mainnet, based on a snapshot taken for reward calculation at 14:20 +1 UTC on 19th July 2021.
Pending further analysis, Razor Network will not utilize the ChainSwap bridge. The $RAZOR tokens deployed on BSC by Chainswap will remain permanently frozen and do not bear any utility.
A quick reminder that trading $RAZOR on Ethereum-based exchanges, including Uniswap, is operational and safe.
This incident in no way hampers the release of our Incentivised Testnet or the long-term vision. The team at Razor Network continues to build under these unforeseen circumstances with a lesson to dive deeper while doing third-party integrations in the future. Onward!
