Incident Update & Resolution

Vegaswap AMM
2 min readFeb 9, 2022

Hello, Vegaswap Community!

Below is the post-mortem investigation of the recent incident:

03:00am UTC, Feb 9, 2022 — We detected a significant amount of LP was withdrawn.
04:47am UTC, Feb 9, 2022 — A snapshot of all token holders was taken.
05:15am UTC, Feb 9, 2022 — We transferred the majority of the token’s value to our wallet in order to protect the fund and prevent further damage.
05:30am UTC, Feb 9, 2022 — After assessing and analyzing the situation, we concluded that there was miscommunication that occured during the transfer of LP tokens and this was strictly a result of an internal company human error that went without prior notifications. Therefore, everything is still safe, and there is no hacking or involvement of any third party.

Our strategy for recouping the token price is as follows:
1. We will potentially create new tokens and pool, as well as open the pool at the exact price we snapshotted right before the fund recovery process (Which is by 4:47am UTC on February 9, 2022)
2. Those who attempted/attempting to sell/buy the tokens ( except team addresses ) after the announcement will / may not be eligible to claim the same amount of token at the snapshot price.

The exact schedule will be published ASAP.

Thank you for your understanding.

About Vegaswap

Vegaswap is a user-centered automatic market maker that leverages multichain technology, providing users with a wide range of DeFi and cross-chain applications through its platform. I supports and enables seamless token earnings through customizable liquidity pools, dynamic pricing, and an intuitive UI. Vegaswap makes the work of LP providers efficient and profitable by creating provisions for unique smart pools, providing analytics tools, and reducing impermanent loss with adaptive spread.

Connect with Vegaswap and learn more about the platform through our:

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Vegaswap AMM

Vegswap is a protocol for creating liquidity and trading tokenised assets on public blockchains. The only AMM powered by a multi chain dynamic market maker.