CoinBox Finance
3 min readJan 5, 2023

--

✅ CBFI Important Update: Liquidity Pool Exploit (Funds are SAFU)

WALK THE TALK 🚶‍♂️🗣️

That was our slogan when we started the CBFI project 8 months and 17 days ago. The CBFI team created this project to produce a safe, decentralized product that does not depend on any centralized element to run the project.

CBFI-BNB Liquidity Pool Issues 🔴

On Monday, January 2nd, the team identified an exploit for the Liquidity pool that enables malicious actors to withdraw CBFI token from the pool and withdraw it into BNB using CBFI-BNB Liquidity Pool. This attack is not economically sustainable in the long run due to gas fees. However, the malicious actor still uses the bot to create a sale bit by bit and has absorbed almost 30++ BNB from the CBFI-BNB Liquidity Pool and has caused a 37% drawdown against the CBFI price. A malicious actor, however, was detected by our team, and measures were to stop the activity that could be made and block any similar activity that could be made after.

ACTION PLAN (FUND ARE SAFU) ✅🔑

  • All funds were successfully secured, and approximately 149 BNB remains in the CBFI-BNB Liquidity Pool.
  • To replace the loss of BNB, the CBFI Team used the RESERVED FUND to re-PUMP the CBFI-BNB Liquidity Pool pair of 30BNB to allow the price of CBFI to remain at the same level- as before the issues occurred (180 BNB Liquidity Pool worth of $44,099.71).
  • With this precaution, we are confident that the CBFI project will continue to be successful and become a solution for all users. However, problems in blockchain technology will never stop because it is a new technology nowadays. Therefore, most important is our way of solving problems for users and the community.
  • We congratulate some addresses who support us and bought CBFI when the price was low, as 30++BNB was drawn from the CBFI-BNB Liquidity Pool, and now the price of CBFI is at the same level as before the problem occurred.
https://www.dextools.io/app/en/bnb/pair-explorer/0xd8a0429cdcead732efef0654fe26bc563b00024e
https://nomics.com/assets/cbfi-coinbox-finance
  • We will continue to work and build the best features for CBFI and become the solutions for all the crypto players. Every problem we face will strengthen us to produce better quality products for our users and community.

We have learned the most crucial lesson and will now be overly cautious in our code. Therefore, we will make efforts to set aside a more significant portion of our total token supply and plan to continue increasing our RESERVED FUND so that in the future, we can help the CBFI project in times of need like this.

Your funds would not have been SAFU without the help of some fantastic, good Samaritans. First, we have to give great thanks to the CBFI developer QSteve and AhmadGee for responsibly disclosing this bug, the CBFI Security Team for advice and monitoring the chain state, and most importantly, the core hero(es) of the day: several other BSC developers & projects, with the core contribution from our Co-Founder Dato’ Arai Ezra, a blockchain expert, who helped us make sure that we were able to protect users’ funds at this time.

Nonetheless, we are committed to providing complete transparency, protecting users’ funds, and doing whatever is necessary to preserve and improve the community’s trust in the CBFI project now and going forward.

Thank you for your time and your contribution to the CBFI ecosystem. 💖

--

--

CoinBox Finance

Is a Smart and easy-to-use platform where you can manage all your coins in one space without any stress and having to maneuver your way among different apps.