From the preliminary findings just after the BTCAKE token launch, we believed that the dump was because of disabling the ANTI DUMP and incorrect values in the reward system.
Unfortunately, the situation turned out to be more complicated, it seems the most likely scenario is an attack!
After checking how fees and dividends are calculated, we are positive that the anti-whaling system had some success in its apparent mishap.
Our anti-whale system rejects the transfers if they exceed some predetermined proportion of assets held by the user. Its decision is also based on what was the source and target of the transfers.
At the deployment time, we decided it would make sense to allow transfers coming from PancakeSwap to any user (i.e. buying from the DEX), but block all other suspicious transactions. It is clear now that even such transactions should be blocked.
This allowed for only partial arbitrage of the price of the token, where the next step would be malicious sell of tokens bought — so the potential attack succeeded only halfway.
In some weird turn of events, that same arbitrage elevated the dividend sent to the marketing address, saving the funds in a safe place.
Seeing what was happening in real-time we made a rash decision of turning off the function, as back then we only predicted its malfunction because too many users were complaining that they couldn’t sell the tokens — potential hint that this might have been a case.
This lead to unblocking a whole wave of selling transactions, further driving the price of the token unpredictable.
After further inspections we are sure that the function itself was working fine — just the values (that we can adjust!) were incorrect.
Despite what the final report sounds like, we decided to compensate people who purchased BABYTCAKE before 16:40:58 UTC 17th September 2021!
After the payout of compensation, it will be BUYBACK tokens from the market.
You need to just fill out this form: https://cutt.ly/EEdWtBO
The application for compensation is accepted from 20/09/2021 to 24/09/2021.
Compensation will be paid on 27/09/2021.
(COMPENSATION IS ONLY FOR PEOPLE WHO PURCHASED BTCAKE BEFORE 16:40:58 UTC 17 SEPTEMBER 2021!)