Follow-up Announcement on PentaLaunch Auction

by PentaLaunch Team

As the team investigated further into the bonding curve smart contract created by a scammer, we found following facts.

1) The curve is live for 24 hours, and it’s only expiring at 12:00pm UTC+0 on April 30 2021.
2) Most of users who bought on the curve have already sold on the curve before the curve was removed from the frontend.
3) There is still about $18,000 worth of USDC in the smart contract at the time of writing this announcement.

Therefore, we take the following measures to recover users’ funds from the scammer’s curve.

A. We displayed the scammer’s curve on frontend and tagged it as “SCAM” so that everyone can easily see. (https://curve.auction/#/e/0x84F4D67F559029ab78eB2EC20714623DD06590Fc)
B. Please use the sell function on the frontend to sell all tokens on the curve and redeem back your USDC by 12:00pm UTC+0 on April 30 2021, if you have any tokens left on this curve.
C. At 12:00 pm UTC+0 on April 30 2021, we will run a script to scan over all buy and sell on-chain transactions of every address that bought on the curve before 8:22 pm UTC+0 April 29 2021. After that, the script will calculate gains and loses of every address. For any address that does have a lose from interacting with the curve, a payment of the lose amount plus a 30 USDC gas fee relief will be sent to the address after 12:00pm UTC+0 April 30 2021.

** Please note that since most of the addresses have already sold the tokens on the curve, we will only repay the lose of each address.
** To avoid further attack from the scammer, only addresses that bought the tokens before the Twitter announcement (8:22 pm UTC+0 April 29 2021) will be considered for payment.
** The curve is still available to sell. If you have any token still remaining on the curve, please go to the curve and sell all the tokens on the curve NOW!

Product updates will be available very soon, verified projects will be tagged in all future sales. PentaLaunch is a decentralized protocol, everyone can create a curve for auction. Please be aware of the risks and always double check a token’s smart contract address before you proceed.

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