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On August 17, HiveMind dumped the HMD held by the official address to cash out, which seriously violated the cooperation agreement. CherrySwap contacted HiveMind as soon as possible but no one responded. So we informed the community and contacted OEC for help. In order to prevent further losses to users, after informing and communicating with OEC super nodes, the contract address of HMD tokens was blacklisted through on-chain voting by OEC super nodes, and subsequently, CherrySwap and HiveMind (HMD) dissolved all cooperation relations and dislisted the pool and liquidity mining of HMD.
This incident reflects the inadequacy of our team in IFO project auditing, and we will rectify and improve it in our future work.
For the users who caused losses in this incident, CherrySwap has counted all the cases as much as possible based on the on-chain data and user behavior analysis, and provided 350,000 USDT for humanitarian compensation to the users who suffered losses, the following are the details of the compensation plan.
CherrySwap compensates users who normally participate in HMD mining, so it is necessary to exclude the HMD address and quantity held by the project in the statistics.
The calculation formula of the actual total circulation in the market is:
1 billion -865769.7-92471428-1592736.351 -90580-100000= 4879486
The CherrySwap compensation amount is 350,000 USDT, from which we get the compensation unit currency price: total compensation / total market circulation = 350000U/4879486 = 0.0717 (USDT)
350,000 USDT has been transferred to the dedicated address for compensation: 0xcf4034C66e69c8B1bF277dDDEF50560221593aAf
After several exhaustive analyses of user behavior and activity paths, we decided to compensate the relevant addresses of HMD or HMD-USDT LP that performed the following operations after HiveMind first cashed out (0x53BC839F733C23FCF4E80BF46BB8681659810B9032530218E9B6DFFFD8123A6F) on August 17
The compensation is based on the following principles:
- 1.Users who held HMD before and after the dumping and did not sell, compensated according to the amount held, with a unit price of 0.0717 USDT;
- 2.Users who held HMD before and after the dumping and partially unsold and partially sold, the unsold part will be compensated according to principle 1, the partially sold part will calculate the difference between the selling price and 0.0717 USDT and make up the difference part, if the selling price is higher than 0.0717 USDT then no compensation；
- 3.users who still purchased and held HMD after the dumping will be compensated according to the average price of HMD after the cash-out, and if the price is higher than 0.0717 USDT, the compensation will be made according to 0.0717 USDT unit price；
- 4.Users who still trade after the dumping event but have no HMD at their final address are not compensated；
- 5.Users who have not released the HMD LP will compensate the USDT in the existing LP, and the HMD in the LP will be compensated at a unit price of 0.0717 USDT；
- 6.Users who held HMD LP but released some, the holding part will be compensated according to principle 5, and the released part will be judged according to principles 1-4 and compensated accordingly.
If you meet the compensation conditions, please send an email to us with your personal address and the hash record of the last HDT transaction to [email protected], we will start the compensation work after receiving the email. The time limit for accepting this compensation is 60 days, no longer accepted after that. We promise to complete the compensation within two weeks of receiving your email.
Your application for compensation address must be consistent with your HMD or HMD-USDT LP holding address, If the address is inconsistent, compensation will be refused.
We will synchronize the compensation work to the community every Monday, you can check the 350,000 USDT compensation dedicated address on the chain at any time as follows: 0xcf4034C66e69c8B1bF277dDDEF50560221593aAf