Dear POSI Community,
We would like to express our sincere apologies for the last incident that has occurred. Position Exchange’s Team has been working day and night during the last months to bring this project to life. Our main goal was to develop a unique protocol that will be completely decentralized, governed, and developed by the community. We want to push the concept of decentralization to its limit and bring a genuine DeFi experience to our community.
The team behind Position Exchange is aiming to bring innovative mechanisms that would allow the project to be auto-managed by the community soon.
Having this approach in mind, we have decided to stay anonymous. We believe that the trust needs to be built around the project and its potential rather than being built around individuals. We all are one single team, and each one of us has a heard voice and a say in Position Exchange. Our power is in unity and complementarity.
We will be a part of this community with the same benefits and advantages as any other POSI holder. Position Exchange is and will always belong to the community.
To guarantee a fair launch for all our users, we have decided to keep our share of the tokens as low as 10%, which will be minted over time. We will not possess any tokens from day one but we will rather retain a position of 10% of any newly minted token from staking and farming pools.
We will not be taking any revenues from our future trading platform as we will use 100% of the trading fees to Buyback and Burn the POSI token. The trading platform is the main feature of Position Exchange and will be operational according to our Roadmap. That being said, our only revenue from the project is from the token. All our hard work and efforts will be invested in the potential value of POSI.
We take risks because we believe in the project’s long-term vision and we believe that we can achieve great milestones with perseverance and great support from the community. In simple words, we can not be profitable unless the community is!
We are a multidisciplinary team with vision, good experience, and a lot of positive energy. But just like yourself, we are humans and we can make mistakes, this does not mean that we’ve failed our mission. Our spirit is to never surrender and learn from previous experiences to move forward and do better. We have the determination to bring this project to life and we will fight with all means to take it where we believe it belongs!
Concerning yesterday’s incident, we would like to note that the team is deeply aware of the seriousness of the situation, and the least we can do is to be transparent and clear. We know that security is the main concern of investors in the crypto industry, and we will do all the necessary to make sure this kind of situation does not repeat itself in the future. Following that, we have decided to come out with a meticulous plan of actions to bring POSI back to life, reinsure our community members and guarantee the stability of the token. We hope to have your support and gain your trust again.
Position Exchange Team has decided to take the following actions:
1- We will transfer the token to a new smart contract (POSI v2) with the same value before the attack. Our developers’ team is currently working on it and trying to complete it as soon as possible. This will take 7 days and trade will open on July 27th.
2- All wallets balances will be brought back to the situation before the incident happened. We will convert the old POSI tokens to POSI v2 tokens. All tokens generated from the RFI (holding) breach will be deleted, so you will have the same balance you had before the attack happened.
- You had 200 POSI in your wallet and suddenly you got 600 more, your total will be then 800 POSI.
- Your 800 POSI token will be converted to 200 POSI v2 token
- You will now have 200 POSI v2 tokens same as you had before.
Liquidity will be injected at $0.5 (the value of before the attack happened) which means that users will not lose any value.
[NOTE THAT] The sudden dump in the price was caused by users selling the tokens generated from the RFI breach. This caused a big loss in liquidity for Position Exchange.
For users who bought their tokens after the dump, they will receive the same amount they spent.
3- Users who have staked LP tokens in the farm will be able to withdraw their funds or decide to keep them. Because you did not generate any tokens from the RFI breach you will have the same amount in POSI v2.
- You staked 200 LP tokens (with POSI)
- You will have 200 LP tokens (with POSI v2)
The rewards generated from farming can not be harvested and will not count. IT WILL BE DELETED.
4- We have already started the process of conducting an Audit of our Source Code which will be shared with the community when it is ready. We have already sent a request with all our data to some renowned Audit agencies and we are still waiting for their feedback and approval.
5- We will keep our promise about the Airdrop even in this inconvenient situation. It represents only 1% of the max supply. Many fear that the Airdrop distribution will have an impact on the price. Each user will only receive a low amount and we do not believe it would affect the price. Nevertheless, we have decided to organize the Airdrop distribution as follows:
The distribution will happen over 10 days:
Every day, 10% of the Airdrop which represents 100k tokens will be distributed.
The Airdrop will start being distributed on July 28th.
The measure is taken so that we can control POSI circulation and prevent a sudden dump in the price.
6- The RFI Technology breach will be corrected. We will make sure such a thing will never happen again.
We are aware that many users might have already lost faith in this project. Many would predict that most of the holders will proceed to sell their tokens as soon as the situation gets back to normal and the trade starts again. We have a fighting spirit and we believe that together we can heal. We are calling all our community members to stand by the Team in this difficult time, we will stand by each other and take this project to the top. We learn from our experiences and we become stronger. We fall, we stand and life goes on!