SafeLaunch to Take Immediate Steps to Address a Technical Issue with a New Token Airdrop and Additional Bonus
SafeLaunch had a successful Initial DEX Offering on July 5, selling out all $100,000 worth of tokens in under a minute, reaching number two on Dextools and peaking at 5x the initial price. However, an overlooked flaw in the token contract has resulted in the token being deflationary.
We understand that our community’s confidence is integral. We have decided to take immediate remedial action by airdropping all existing SFE token holders with our new token SFEX. This airdrop includes additional bonus tokens to make up for any tokens burnt plus a little extra to reward our early investors. The new SFEX tokens are standard BEP-20 tokens and do not have a burn mechanism nor a transaction tax. This is to eliminate all possibilities of the same problem recurring.
The additional bonus is the team’s sincere acknowledgment that there is a defect in the token contract, we take ownership of that defect and we apologize for it. Moving forward, we reiterate our stand to commit to a safe, secure, and reliable platform for our community.
SafeX (SFEX) token details
If you can’t see your balance in metamask remember to add the new token contract: 0x5392Ff4a9BD006DC272C1855af6640e17Cc5ec0B (our old token contract is now redundant)
Trade SFEX on PancakeSwap: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x5392Ff4a9BD006DC272C1855af6640e17Cc5ec0B
Buy SFEX LP on PancakeSwap: https://exchange.pancakeswap.finance/#/add/BNB/0x5392Ff4a9BD006DC272C1855af6640e17Cc5ec0B
FAQs regarding the swap: https://docs.google.com/document/d/1Hb6N6Yz3Guz3vOj8q3iaStcrLP5S6yejZZyhQIfGpG8
The problem in detail
Soon after launch, it came to the knowledge of the team that an overlooked flaw in the token contract resulted in an auto-deflation whereby the balances of token holders slowly decreased over time.
Immediate steps were taken to conduct a review to identify the problem and address it. The token contract was audited by Certik, one of the leading cybersecurity firms and RD Auditors. It passed both the audits satisfactorily. This matter was again referred to the auditors and the initial post mortem was inconclusive. The issue was labeled as ‘incomprehensible’.
We and our partners have painstakingly looked into this matter and we believe that the underlying issue is a mathematical RFI problem.
Delay in liquidity mining
In light of this incident, we have also decided to take extra caution in the implementation of our liquidity mining program. The audit and review process of the new tokens will undergo rigorous scrutiny of the contracts and also on the entire platform. This means there will be a slight delay in releasing our liquidity mining platform (SafeStake). You can find our new tier structure and details here: https://docs.safelaunch.io/products/safealloc-private-deals/how-it-works-investors
We will continue offering first-class investment opportunities
We will be bringing you valuable tier 1 projects while ensuring a safer investment platform for investors and project owners alike. We have many projects in the pipeline for SafePad, which is our Public Sale IDO launchpad and SafeAlloc, which is our private allocation access.
Thank you for understanding
We thank you heartily. The SafeLaunch community has been extremely patient and supportive in our endeavor to deliver our aspirations. Our esteemed network of advisors and project partners have been steadfast in lending a helping hand with their help, input, and support on the present issue and we are extremely thankful. Certik in particular had rendered their expertise in identifying the issue and seeking a comprehensive solution. We grow from this experience and the community is the reason why we are here.