Announcement of New Token Issuance on BSC and Related Updates

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We wanted to give the community one more update to the Chainswap hack, and some of the additional things we plan to do as part of the recourse to the situation.

For those of you who are not caught up yet with the hack and our response to the situation, please read the following posts to get updated first:

• Initial post on the Chainswap Hack and our response
• Update post on the hack and follow-up action plan

Summary of Umbrella’s Current Plan of Action Post the Chainswap Hack

While we do not need to change any of our token contracts on the Ethereum side, we will need to create a new UMB token contract on BSC. We will be issuing the new contract sometime later this week and will give advance notice beforehand.

There are several steps we will need to take, including issuing the new contract, getting the new token listed with Etherscan, CoinGecko, and CMC, and then getting things set up with PancakeSwap.

Subsequent to that we will then airdrop the new UMB tokens on BSC to replace the frozen ones on a 1:1 basis.

All UMB token holders on BSC, you do not need to do anything. We will be automatically airdropping you the new tokens.

This includes those who staked their UMB with Unifarm, as well as those who provided liquidity to the UMB-BNB LP on PancakeSwap. If you are holding the LP tokens issued upon providing the liquidity, you will be airdropped by both the UMB and corresponding BNB.

We will also be airdropping an additional percentage of new UMB tokens to all UMB token holders on BSC as a bonus in an effort to address some of the concerns around the opportunity cost of having UMB tokens frozen.

We will be implementing a tiered bonus system. After the new UMB token is airdropped, token holders can choose to hold onto those new UMB tokens.

You should hold in the wallet we airdropped to, and based on how long you hold onto those tokens, you will receive a bonus based on the following schedule:

The bonus is tiered so you must hit the 25, 50, 75, and 100-day thresholds to get those tiers of bonuses. The total bonus is cumulative, so if you hold for 100 days, you will get a total of 100%. For those who elect to stake their tokens on Unifarm or provide liquidity to the UMB-BNB pool on PancakeSwap, you can go ahead and do so and still be eligible for the bonus. We will be announcing details on how this process will work in the near future, so please stay tuned.

In terms of the $UMB token buyback scheme, we initiated to counteract the additional $UMB sold by the hackers into the market, as of 20th of July Umbrella has already bought back about 95 ETH worth of $UMB, with a remaining 15 ETH still to be still spent.

We are keeping the 110 ETH worth of $UMB in a publicly disclosed wallet (0x87ea777f9909e233a569224a53A4873FeC97D5d3), and as a community, will decide on what to do with it. We will be having a community vote after the full buyback is completed, with several options. Please stay tuned.

We have also heard the concerns raised by some members of the community regarding having some sort of incentive for the ETH side.

In response to this, we will be ramping up the amount of rUMB distributed on the Hadley Stream.

We will place an additional 3 million rUMB to be distributed into the Hadley stream over a period of 3 months, increasing from the current daily amount of 81,107 rUMB to approximately 114,000 rUMB, an increase of over 40%.

As mentioned before, we have already been working on our own asset bridge for bridging across ETH-BSC as well as with other future supported chains. We will be planning to launch this bridge in the coming weeks after it is extensively tested and audited in order to be both safe and secure.

Please stay tuned for an update on timing in the near future as well.

Finally, due to the priority and focus, we have made over the past several weeks in dealing with the aftermath of the Chainswap hack including investigation of the hack, setting up of the new contract and proper code to execute the bonus program, among other tasks, we will be pushing back the launch on Ethereum mainnet to a later date.

We are currently working on a revised roadmap. Please expect an update on this before the end of this month with a new timeframe.

As always, thanks to the community for your support. We hear your suggestions and concerns and will continue to execute and deliver in the best interests of the community.

The Umbrella Network Team