This post expands on a recap posted by our cofounder Nicholas Chan
This is an official recap of Refinable’s Token Generation Event (TGE) based on the investigation from the community and the Refinable team. In this recap, we will address the significant events that occurred, paired with a full transaction audit, in order to provide transparency on how our TGE was affected by third-party actors
The Refinable team worked tirelessly for weeks to prepare for our $FINE token launch program but despite our best efforts to curtail the actions of malicious bots on our TGE, we were unable to completely mitigate these activities.
Key Events Timeline (UTC)
- 9:32 am Remint of Refinable’s entire token supply due to contract leaks (this was an attempt to confuse the bots)
- 1:00 pm Polkastarter sale begins
- 2:10 pm Initial liquidity supply (triggered)
- 2:13:29 pm Initial liquidity supply at $0.033/FINE (executed)
- 2:13:29 pm Front running bot was executed immediately after launch, draining 90% of Refinable’s liquidity pool (LP) and causing significant price changes to $FINE
- 2:20 pm First successful claim of public sale tokens
- 3:14 PM Distribution of private sale tokens (executed)
Although the team has taken precautions to obfuscate our token contracts, the short timeframe before our initial liquidity supply was enough for malicious bots to be configured for the purpose of draining our LP immediately after it was launched.
This sudden drainage immediately after launch caused the LP pool’s AMM to readjust our token price accordingly, causing great volatility for the first 30 minutes of pool opening.
Upon investigation, the large price volatility occurred long prior to any distribution of public or private investor tokens, and thus was not the result of any investor’s token movements, but rather was caused solely by several malicious bots that have been reported so far.
The team would like to personally thank all our supporters — many have risen out during these times to fight misinformation and stand up for Refinable. Our team is deeply moved by your support and we have doubled down our efforts to work harder to deliver the best NFT experience which the community can be proud of.
Telegram ANN: https://t.me/RefinableAnn