【BXH.COM】BXH’s Phase 1 plan to distribute the salvage assets on the BSC chain
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Dear BXHers,
BXH’s Phase 1 plan to distribute the salvage assets on the BSC chain After communicating with most community members, BXH has made its next step plan for the residual assets in the BSC chain. We hereby disclose the overall situation and the Phase 1 execution plan.
1 BXH residual value processing will be carried out in two steps. In the first step, BXH will return most of the salvage assets in proportion to the position held by each user.
The second step is to issue an enforceable loss reimbursement and a follow-up operating plan.
In order to quickly implement the first step of asset refund, we have simplified the processing of the smart contract that has been audited by PeckShield, and will be officially opened for withdrawal within 24. The token withdrawal will be open in 24 hours and implemented proportionally.
We would like to kindly remind you that the residual pool has sufficient tokens XDT so users do not need compete when withdrawing. (Note: Due to time constraints, the XDT in the Phase 1 of the program is a withdrawal certificate, not an algorithmic stable coin as originally discussed. The contract will be redeveloped in Phase 2 to change the XDT to an algorithmic stable coin). In addition, about 2 weeks after the refund of the residual value in the first step, BXH platform will announce a solution and resume normal operation at the same time. Thank you for your understanding and support!
2 The specific XDT volume to be distributed in the first step is that based on the token price at the time when the withdrawal contract is released and the distribution rate to each community, BXH will convert all Xtoken to XDT and burn all Xtoken converted.
According to the resolution previously discussed with the community, BXH will distribute the Phase 1 XDT withdrawal voucher Token according to the number of wallet assets at the time of the hack. The distribution ratio is as follows. 40% : above 3 million USDT 45%: 1 million USDT - 3 million USDT 50%: less than 1,000,000 USDT
The salvage assets will be temporarily kept on the platform, and details and relevant plans will be released in about 2 weeks.
XDT's chainlink price at the time of release is approximate as follows Cake: 12.83 USDT BNB: 588.05 USDT BTC: 54482.73 USDT ETH: 4069.40 USDT
3 The details of the asset audit of the BXH platform BSC chain are as follows. First, the total assets deposited by the platform users at the time of the theft are approximate: $ 349,346,523.6 Second, the residual value after the theft of the platform after the attack is approximate: $ 185,748,302 Third, the total amount of assets stolen at the time of the hack was approximate: $ 139,154,782 Fourth, the current net salvage value due to the token price fluctuation is approximate: $ 171,359,174 Five, after the financial audit, the accumulated loss of the whole BXH platform in the past 8 months is estimated to be around $31 million, which includes:
about 16 million USDT short-term asset losses caused by rescheduling mainstream assets;
about 10 million USDT loss caused by the BXH stealing incident;
about 5 million USDT loss caused by the imbalanced strategy of rescheduling mainstream transaction pairs at the moment of the theft.
Note: The platform only started to turn a loss into a profit in the last monthly statement before the theft occurred. Specific audit results will be published later on.
Users can view the smart contract audit report for this salvage asset refund and XDT issuance at the following link or by scanning the QR code.
For the XDT token operation process on BSC, please refer to the help instructions or click the link to view:
The withdrawal will be opened with the next 24 hours and we will announce it in real-time after the deployment is completed. Please stay tuned to our community updates. The withdrawal guarantees fairness and the participation time won’t affect your asset reclaim. So, please do not worry about not being able to have early participation.
Thanks for your support!
Website: bxh.com
Telegram: t.me/BXH_ global
Twitter: twitter.com/BXH_ Blockchain
BXH team November 28, 2021
