[ IMPORTANT STATUS UPDATE ]
It is important to note that recovering from a hack can be a complex and time-consuming process. It is important to have a plan in place and to work with experts to ensure that the project is recovered as quickly and efficiently as possible.
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Communicate with users / Be transparent. It is important to communicate with users about the hack and what is being done to recover. We will continue to update the status to rebuild trust and prevent panic. It is important to be transparent about the hack and what happened to prevent any rumors.
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Learn from the experience. It is important to learn from the experience and to take steps to prevent future hacks. This will help to protect the project and our holders.
There are the things that BLK team is working on to recover the BLK whale project:
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Investigate the hack. The first step is to investigate the hack and determine how it happened. This will help to identify the vulnerabilities that need to be addressed. From the time of the incident until now, the hacker has been using the wallet address below to issue more than 600 million BLK tokens, which is the total amount of BLK tokens issued (about 7 million in circulation at the time on the BSC chain), and continues the crime. As a result, the BLK Foundation, existing holders, and an unspecified number of holders around the world suffered severe damage, so we report this to the judicial authority. The hacker moved the hacked assets to Binance. We will request to freeze the hacker's wallet and report it to secure the identity of the criminal from the exchange where the asset was moved.
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Patch the vulnerabilities. Once the vulnerabilities have been identified, they need to be patched. This will help to prevent future attacks. The hacker can access the current contract anytime and cannot be reused or recovered.
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Restore the data. If the data has been lost, it needs to be restored. This can be done by using backups or by using data recovery working closely with CEXs.
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Relaunch the project (Contract). Once the data has been restored and the vulnerabilities have been patched, the project can be relaunched. In this stage, the BLK foundation will airdrop all the assets which holders had from the backed up at the point of the pre-hack data source. This might be a painful process since some of the holders traded after the hack to increase the number of tokens. Foundation will do our best to recover as much as possible and compensation will be made within a reasonable/fair range.
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BOOST UP. Before the incident happened, key members of the foundation are visiting South Korea with several objectives such as additional CEX listing, top-tier CEX future trade, ‘Island’ project launch, Social GameFi extension, ATM and etc. There are still many meetings going on, and many investors and institutions are still showing extremely high interest. We are very grateful to those who believe in BLK during this time. There was a delay in some progress due to this incident, but it is expected that this will also proceed well.
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