Razor Network
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Razor Network

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:

  1. ChainSwap helped Razor Network pull liquidity from the $RAZOR/$BNB PancakeSwap liquidity pool without unfreezing $RAZOR on Binance Smart Chain, transaction hash.
  2. We have airdropped the recovered $BNB to the liquidity providers on Binance Smart Chain based on their share of the pool, transaction hash.
  3. 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.
  4. 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!

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Razor Network — A truly decentralized oracle platform for decentralized finance

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Most secure and Decentralized oracle network

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