Crisis Averted

2 min readOct 19, 2020

Hello APEcoin Supporters,

This is an unfortunate and embarrassing moment for us, but we own it and stand here completely committed to this project. We ask for your trust, and ask for your understanding as this industry can be unforgiving. We apologize to anyone who was affected by this event.

One of our wallets was compromised; in total, 874,350 (8.74% of total supply) $APE was transferred to an unknown address. The hacker sold 470,000 tokens.

This caused price disruption and was concerning to us as a team, and the community as a whole.

This also means that the total supply has been reduced by 4.27%.

We have secured all of our remaining keys, and we have no reason to believe anything else is at risk.

The tokens stolen were from a wallet we set aside for promotional and bounty purposes — the net result is that the hacker essentially distributed this pool of tokens early.

This also means that the promotion pool is short 874,350 $APE tokens — the founding developers will top up this pool from their own holdings so we can proceed with all the promotions we have planned.

The team was deeply affected by the hack. We don’t know the exact attack vector yet but we made a mistake, and we own that. Our community has started small, and we will continue to build. We care about all of our supporters, and we are dedicated to this project moving forward.

We are proceeding with all our plans!

We are launching our first set of NFTs, we’re developing the interface and functionality of Memefarm.io, and we’re working on the NFT DAO. We’ll be using the Aragon DAO system to operate the DAO. This is a well established DAO codebase and we’re very excited to be working with this innovation.

Here is a sneak peak at the MemeFarm.io farming interface:

[Memefarm UI/UX Preview Screen]

“Never a dull moment in crypto”….

Lastly — to further strengthen trust, the team have decided to give up all their tokens to a 3rd party custodian who will enforce a strict vesting period for the founders tokens.

We expect to update the Apecoin.dev website in the next few days with a refreshed look and feel. The updated site will also contain details on the tokenomics, the circulating supply, the token initiatives and other key details.

The team is thankful for all support and kind comments in our Discord and Telegram chatrooms.

Resources

Crisis Averted

Written by Go-ApeCoin