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Community Update: Recovery Plan After GemPad Incident
Dear Munchkins,
We want to address the recent situation regarding the hack that affected our liquidity pool (LP) tokens through GemPad’s locking contract. First and foremost, we deeply regret the challenges this has caused for our community and want to assure you that we are committed to rebuilding stronger than ever.
Here’s an outline of the recovery steps we are taking, in collaboration with GemPad:
Recovery Plan in Collaboration with GemPad
1. Relaunch with New Liquidity
GemPad has offered to facilitate a relaunch of our project by waiving all upfront fees and providing extensive support, including:
• Advisory services
• Pinning our presale for maximum exposure
• Partnering with their network for marketing efforts
While this is not mandatory, we believe this could be a fast way to restore liquidity and momentum. We’re currently evaluating the best approach and will keep you updated on the next steps.
2. Ongoing Fund Recovery Efforts
There’s still hope for these funds to be recovered and proceeding with a relaunch, any recovered funds will be allocated to further development, marketing, and community incentives.
3. 50/50 Compensation Model
GemPad has committed to allocating 20% of their revenue share to a dedicated recovery fund for affected projects. Under this plan, recovered liquidity will be split between their contribution and additional funds raised by project owners. This ensures a collaborative effort toward full recovery. Munch will allocate part of its token percentage to go towards liquidity too.
Our Commitment to You
We are fully dedicated to:
• Maintaining transparency throughout this process.
• Exploring all available options to recover and rebuild.
• Protecting the interests of our holders and supporting our community.
We’re currently reviewing the Terms and Conditions proposed by GemPad to ensure they align with our goals.
What’s Next?
We value your input and encourage you to share your thoughts on the recovery steps outlined. In the coming days, we’ll provide more details on the relaunch option and how you can participate in shaping the next phase of our journey.
If you have any questions or concerns, please don’t hesitate to reach out in our Telegram Group and/or Twitter page.
We truly appreciate your patience and unwavering support. While these circumstances are challenging, we remain committed to turning this into a stepping stone for a brighter and more sustainable future for Munch.
With gratitude,
- MUNCH team
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