Libre Post Mortem Announcement
At around 10:30 pm EST on Thursday, May 26th, we suffered a critical exploit in our V2 staking contract. This allowed the exploiter to use NFTs from our NFT collection which gives out boosted rewards at a substantially higher rate. They were then able to create an infinity loop to mint as many LIBRE tokens as they wanted until they sold enough on Pancakeswap to drain the liquidity.
This exploit was relevant only to Binance Smart Chain, as we did not release any NFTs on either Polygon or Avalanche, the exploit was related solely to the NFT boost itself.
All of our V1 contracts were successfully audited with no issues and over the course of the past 7 months, we have not suffered any exploits. Unfortunately, even after internal testing and audits as well as external audits with Certik, this exploit was found by a user and they took advantage of it.
For the time being, all deposits, withdrawals, and trading on gate.io have been paused. The Multichain bridge has also been halted so that no tokens can move between blockchains. We have also removed liquidity from Polygon and Avalanche.
We are asking everyone to NOT purchase any LIBRE tokens on any blockchain until we have come to a resolution. We have also disabled the ability to mint any NFTs.
Currently, we are working with our advisors and other big names in the industry to decide on how to move forward. We will keep the community updated as things progress and we ask for patience during this time while we work on the next steps.
This is a setback, there is no getting around that fact. But our determination and drive will remain strong and grow stronger. We just ask that you bear with us for the time being as we lay out the path forward.
It’s not how many times you get knocked down, but how many times you get back up.
Julian and the Libre Team.