Official Recap of Refinable’s Token Generation Event

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)

Incident Summary

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.

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Refinable is the definitive NFT hub to create, discover, trade, and leverage any digital content on Binance Smart Chain.

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