Know Your Developer Coin (KYD) is next masternode coin that was exploited. Recently a lot of coins suffered that kind of problems. What exactly happened? We talked to KYD lead about that.
In the recent week KYD faced huge dump on the exchange. Price of that coin fell very fast to 200 satoshi. Community was concerned about that not just because of that huge drop but because in the same time KYD leader aka Grejoin left the project and handed the lead role to other team members known in the KYD discord channel as Doniva and Cpt Hoek. According to that there were a lot of speculations that a core team member was dumping coins.
Of course the team did their investigation which showed exploit that allowed for coins to be generated which inflated the coin supply. Immediately they:
- contacted Cryptobridge and stop deposits and withdrawals,
- run a full scan of the chain,
- tally the actual supply to vs inflated supply to match bad transactions,
- set up a bot to help track that transactions
As we can see, according to team calculations there are almost half a million coins more than it should be. It is a lot, it looks even worst if we compare it to the current KYD supply. We were told that they locked the exploiter with coins that he will not be able to sell and profit from further.
Now the team is preparing new chain and a swap that will take place in next days. On KYD discord channel you can find more details about further actions.