The new Taylor token
How the issuance and distribution of our new token will work
As explained previously, since the hacker stole a big portion of our tokens — along with all of our funds — we are going to issue a new token and distribute to the legit holders. This is necessary to prevent the hacker to dump and take even more advantage on us.
If you are a legit token holder, please read this post carefully.
Snapshot
We have said that we would consider the block number 5663273 for the snapshot, but we noticed some transactions happened after the specified block. Since the stolen tokens have not been moved, we are safe and comfortable to say that we can accept the transactions prior to the block number 5829018.
DO NOT BUY, SELL OR TRANSFER ANY OF YOUR TAY TOKENS. OTHERWISE, YOU MAY LOSE YOUR MONEY AND WILL NOT BE ABLE TO RECEIVE THE NEW TOKEN.
Issuance and distribution
The new token will be issued and distributed by July 20. You will receive the new token in your wallet at 1:1 ratio. That means, for each TAY you have in your wallet, you will receive 1 new token.
You don’t need to take any action to receive the new token. They will be airdropped. Once everything is done, we will publish a summary on our blog and notify all the community.
As described in our plan, the new token will be locked until the app is released and we are ready to list it in an exchange.
The tokens that are in IDEX or EtherDelta contracts will be treated in a special way. Read more below.
Specs
The specs of the new token will be the exact same as the previous one. The only things that will change are the symbol and contract address. Once the new contract is deployed, we will provide this info.
We are still discussing the symbol (name) of the new token. We have a few ideas, such as TAYLR, TYR, TLR, TLX, TLOR. We would love to listen to your suggestions.
Vesting contracts
The vesting contracts for founders and advisors will be restarted. That means once the contract is deployed, these tokens will be locked according to the original rules:
- Founders: 50% locked for 6 months; 50% locked for 12 months.
- Advisors: 50% locked for 3 months; 50% locked for 6 months.
Tokens in EtherDelta or IDEX
As you may know, in order to trade on such exchanges you must send your tokens to their smart contracts. Looking at the blockchain, the actual token holder is the exchange itself. There’s no (easy) way to get a list of addresses that have a specific token. Then we are basically blinded.
Thanks to the public ledger, we were able to know who sent tokens to them. We were also able to check the balance of TAY for each one of these addresses. But, since some tokens were sold, the total amount doesn’t matches with the total amount held by the exchanges. Again we are blinded.
So here’s how we will handle this:
- The tokens that we are 100% sure about the owners will be distributed to the owner’s address (not IDEX or EtherDelta).
- The remaining amount — of which we don’t know exactly who it belongs to — will not be distributed. In this case, the owner will have to contact us so that we can conduct a proof of ownership.
In order to prove the ownership, the so-called owner will have to provide information such as (but not limited to): date and time of the trade, the number of tokens, the price of the trade etc. It may also be required to sign a transaction. With such information, we will be able to check the blockchain and confirm that the trade occurred in the smart contract. Then the tokens will be manually transferred.
Fortunately, the Aurora DAO team has been very cooperative and helpful on finding the legit token holders in IDEX. It will make our work way easier. I would like to thank Rory Piant and Phil Wearn for their help.
Conclusion
The hacking incident brought us a lot of impacts. It has not being easy to handle this, but thanks to the effort of our team we are tackling each one with determination and courage. This is another step toward our complete recovery.
Thanks for your support.
