New York, USA, July 1, 2021 – Polkar, an online blockchain game, fell victim to a security breach during its release last Friday. The bot used for sniping (a program that buys items immediately upon release) was able to purchase around 2 million PKR tokens from the UNISWAP liquidity pool before the token was distributed. The opportunistic buyers then exploited the security breaches caused by the bridge provider, PolyNetwork. This allowed buyers to move PKR tokens from the ETH chain to the BSC chain. This has resulted in a discarded price from an IDO price of more than 16 times the price of the current IDO price.
overview
Polker is an online game that utilizes blockchain and true random number generators (TRNGs) to provide a fair gameplay experience. The project launched native PKR tokens on both BSCPAD and Tronpad on Friday, June 25th (a collaboration between BSCPAD and Tron, a blockchain founded by Crypto entrepreneur Justin Sun). However, the launch was prevented by the polynetwork being unable to close the bridge between the ETH and BSC chains.
To ensure proper liquidity is tiered before distributing PKR tokens, the Polker team has begun adding liquidity pools to Uniswap, Pancakeswap and JustSwap. This took about 12-15 minutes and included verifying the pool and manually structuring the sending to the market maker. Once this was done, the team began distributing tokens to various LaunchPad participants. It took about a minute to distribute.
At this point, an opportunistic purchase was carried out, focusing primarily on the UNISWAP V3 pool. One address purchased approximately 1.75 million PKR tokens. The tokens were then moved across the ETH <> BSC bridge in Polker and sold in the liquidity pool in Pancakeswap. All of this occurred in a period and short period after the community token was distributed.
The price, which exploded over 16.8 times the price of IDO, fell rapidly to just twice the price of IDO. No other tokens were distributed prior to community funding, so all buying and selling pressure was created on tokens obtained directly from the liquidity pool.
The Polker team had taken steps to alleviate the bot arbitrage. This consisted of closing the ETH <> BSC bridge for 30 minutes after PKR started. However, the bridge provider’s polynetwork was unable to properly secure the bridge. This means that funds can move without waning, facilitating a coordinated dump of Punkakswap, the most liquid market in Polker.
Before the community distribution of BSCPAD, Tronpad, Bullperks, and Bondly, the tokens were not made available to Polker Insiders at any point. Plus, tokens for Polker teams and platforms have not been unlocked. The incident caused only significant losses, both in the potential financial performance of the token and the faith from the community, as it did not benefit any way from the Polkar or the Polkar team.
To recover from this incident, the team has organized steps to mitigate the damage caused to investors. There’s token buybacks, token burning, and airdrops that are closer to full game releases. These steps are taken to restore the community’s faith in the project and to maximize its potential.
The launch was a considerable set-up for the Polker team, who has put thousands of hours of work into the project over the past four years. Security obstacles have seen all the results that have severely damaged workers within minutes. The project has a large community with over 10,000 followers across social media platforms. The team is urging its community to support Polker through this ordeal.
They are confident that the strong foundations this project has will restore faith. Polker already owns several patents on cutting-edge technologies in the blockchain gaming field, including TRNG. This is one of the first blockchain games to utilize Unreal Engine 4 to create an immersive gameplay experience. The project is committed to innovation and has plans to integrate with virtual reality to provide a truly innovative blockchain game. The platform will soon be released, and the community will finally be able to experience the game firsthand. PKR is already available for trading on UNISWAP, PancakesWap and JustSwap and is also listed in CoinMarketCap.
About Polkar
Designed to run in Polkadot, Polker is a blockchain-based game that provides players with ways to prove how to play. Players can choose from many different cryptocurrencies to bet, and even change during gameplay. By utilizing VFX, NFTS and realistic 3D animations, Polker immerses players in a unique, engaging gameplay experience.