As many of you are aware, recently we performed an audit on our token contract. There were multiple reasons for this such as new/larger Exchange listings, security confirmation and proactive approach for possible improvements.
BlockchainLabs was contracted to audit our code.
After performing the audit, the BlockchainLabs team informed that an update of the original contract would be required in order to correct a security issue for the benefit, safeguard and security of our investors and staff.
It is worth noting that this update is not only necessary to guarantee the safety of the ETHBITS tokens (ETB), but also that many other projects based on this type of contract template could also be affected and must take the corresponding actions to solve the issue.
The results of the audit and respective technical explanation about the faults found in the contract (already corrected) and a full report will be posted by BlockchainLabs.
While you wait for the results of this report, a summary of the issue is that the exploit could had allowed for someone to update our tokens and take the contract as a hostage, an issue that evidently was identified and fixed immediately and even ensures that the previous contract was not compromised.
We are aware that our investors are eager to trade ETB tokens and for that to happen we need to have investors who hold ETB old contract tokens to make the mandatory upgrade to the new contract.
Until token upgrades are completed, we are obligated to pause our new Exchange listing process on new trading platforms until 100% of the tokens are upgraded to avoid Exchange related issues.
With Cryptopia we had investors send old (not upgraded) tokens to their addresses which were looking for the new (upgraded) tokens, which caused investors lose Access to their tokens and generated support tickets for Cryptopia.
As discussed with Cryptopia, we will be waiting for investors to upgrade 100% of the tokens in order to resume the market on that platform.
Please be aware, since we were the first ETH ICO to discover this issue and put in the fix, we are being targeted by some criticism. Despite this difficult situation, ETHBITS team has not stopped and will not stop informing, helping and guiding our investors to make this transition process more comfortable.
We understand the inconvenience this generates for you but it is important to understand that we are being responsible and professional by upgrading the contract and solving a security issue.
So far we have more than 2/3 of the tokens upgraded. If you would like to see the status of the upgrade you can do it by clicking here and under #15 totalUpgraded you will see a long number, 1189100537884575723 ETB (currently). First 7 digits of that number identified the token amount and the rest are the 12 decimals. Thus 1,189,100.537884575723 ETB tokens have been upgraded.
Finally, we would like to remind our users that have not yet performed the update process, that this is MANDATORY and the necessary guide to correctly update the ETB tokens is located here.
IF YOU DO NOT UPGRADE you are at risk of losing your tokens by sending them to an exchange.
The ETHBITS team will remain at your disposal to clarify any doubts that may arise regarding this or any other situation.
We do have good news coming in the near future.
Thank you for your time.