FLY Foundation

@dawgpdegen what?

@flyfndn 900k market cap so after it crashed yeah good one

It’s been a quiet period, so we want to explain clearly what happened, why it took time, and what comes next for FLY FLY and its ecosystem, including FLYBNB, are built to fit directly into BNB’s economy. From day one, the goal has been to make #BNB productive across trading, liquidity, and onchain usage. First, an important clarification: If we had the option to pull liquidity or sell team tokens to reset and relaunch quickly, we would have done it and we would have relaunched instantly, but we didn’t have that option In FLY v1: - Liquidity was burned - 60% of supply was locked - Team tokens were not sellable Because of this, FLY v2 must be treated as a new launch, not a continuation funded by extracted liquidity or user funds. We want to be very clear: - We did not pull liquidity - We did not sell team tokens - We are internally supplying new liquidity for FLY v2 - We do not have user funds, as the white hat exploit was performed after FLY was already cancelled To make this fair, every FLY v1 holder will receive a pro-rata airdrop in FLY v2, based on: - Their holdings at snapshot (~900K mc) - What they sold between roughly $900K market cap and the announcement Snapshot details will be shared soon. Why did this take so long? FLY was initially audited. Shortly before launch, we added new features to prevent a MEV bot issue, which required another audit. We worked with @blocksecteam to audit the full Fly ecosystem. During that process, a critical issue was discovered. FLY was being continuously drained and, if left unresolved, could have been fully drained. At that point, the only responsible decision was to stop operations and prepare a migration. While we were preparing this, FLYBNB still held close to 800 BNB TVL from users who had not withdrawn. These funds were still exploitable. Publicly warning users would have exposed them to immediate risk. The Fly Foundation incurred $33,700 in losses and expenses during this process. These costs were fully covered by one of our new partners as a strategic investment. In addition, we have supplied $200,000 of liquidity to FLYBNB and covered all treasury losses This is also why the relaunch was not rushed. The right move was never a quick reset. It was to use this time to make FLY v2 stronger, safer, and better integrated into the BNB ecosystem We understand why some early holders are frustrated, and in many situations in crypto, skepticism would be fair. All we can do is be transparent and move forward correctly. FLY will relaunch next week, and more detailed information will be shared very soon Thank you to everyone who stayed patient

@Ravva_X You will. Before migration announcement, you're safe

@flyfndn There was a 500k mcap dip before the issue, i bought at that dip and it bounced back to 1 million mcap before all the craziness. I hope i get my tokens for that, also i only sold the second day at 167k, after get confirmation from the telegram group admins that i can sell.

@asparagoid Snapshot will be fair 🙏

FLYBNB TVL just crossed $100,000 again on v2 Step by step, trust gets rebuilt the only way it can: onchain, in public, every day We keep shipping, more coming soon

BNB already has real, sustainable yield The next step is making that yield composable across trading, liquidity, and apps More of this coming on @BNBCHAIN

FLYBNB is now trading 1:1 with #BNB  on @PancakeSwap The new FLYBNB & @flypad_app contracts are fully audited by @BlockSecTeam ⌛️ @BNBCHAIN

BNB → FLYBNB wrapping is coming back today! Time to move forward, let’s light the fire and build.

@AbdulBasit20568 hey! airdrop. we’ll provide a timeline during the next days. understand it’s the hardest week in the year for any developer or designer to find time to work

@flyfndn @flyfndn Thanks for the update and securing everything! I hold the old $FLY token from before the migration. Will old holders get the new token via airdrop/swap based on snapshots? Any timeline/details on compensation or migration for token holders? Appreciate the clarity!

Happy New Year everyone! Over the past days we’ve completed phase 1 of the migration and we’ve deployed the new version of FLYBNB: 0xfFfffE952fed239ad2DA4c7619DAe809917DFABd We’re sorry for the lack of communication. It had to be this way, and here is why: FLY was initially audited, but the audits weren’t accepted by our new partners. Through @BNBCHAIN grant program, we worked with @blocksecteam to audit the full FLY ecosystem During that process, a critical issue was found. FLYBNB TVL was being drained and, if left unresolved, could have been fully drained. At that point, the only responsible decision was to stop operations and prepare a migration While we were preparing this, FLYBNB still had close to 200 BNB TVL from users who did not withdraw. These funds were still exploitable. Warning publicly would have exposed users to an immediate drain Through a controlled white hat operation, we safely drained the TVL ourselves and secured the funds. This allowed us to move forward without putting users at risk The FLY Foundation incurred $44,500 in losses and expenses during this process. None of our users incurred any losses. This amount was fully covered by one of our new partners as a strategic investment, allowing us to move forward without compromising development or user funds. This support reinforces our conviction that FLY is being built on strong long term foundations. Audit report here: github.com/blocksecteam/a… FLY is now safe, the foundation is solid, and we’re preparing the relaunch properly. From here, we can be transparent and communicative again. Thank you to everyone who stayed patient.

@wailer_rot @RuneCrypto_ If you read our post, there’s a reason why we weren’t able to tell you what was going on. If we did, user funds would be drained. Also, audits are part of pre-launch, and not done by us, obviously, but by corporations, which take free days during holidays

@userDFrost x.com/flyfndn/status…

@flyfndn thank for rug

@herb_istt that’s the old FLY token. we won’t use it. sell it, whatever. snapshots were taken

@flyfndn What will she do with what she still has?

@abiel720s @Ravva_X we’re working.

We know things look rough right now, so we want to address it clearly We have taken multiple internal snapshots and are actively working with our partners on the next steps for FLY, including contract upgrades, audits, and relaunch preparation We will share a detailed update tomorrow with clear information on what happens next and how the migration will work. Until then, please rely only on official communications and ignore speculation Have a calm Christmas Eve 🎄

@Ravva_X we will share details this week.

@flyfndn Thank you for responding, so anytime frame on when so i stop disturbing you guys. Just give me a time frame you can work and stick with.

@Ravva_X it’s christmas holidays and our developers weren’t able to provide the new smart contract yet. we’re working on it.

@flyfndn 24 hrs up and no news

@asparagoid FCFS wouldn’t make sense. We wanted everyone to have the same opportunity

@asparagoid it’s completely unfair to reward them. The details will be shared soon. We will make sure nobody gets more tokens than they deserve. Thanks 🙏

We’re seeing some false rumors going around: No snapshot has been taken yet. We will clearly announce: - when the snapshot is taken - what block - what action (if any) is required Until then, nothing has changed. Please wait for the official update before acting.