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How Polker Will Move On From An Attacker Dumping PKR's Value on PancakeSwap

Published 06/30/2021, 10:09 AM
Updated 06/30/2021, 10:30 AM
How Polker Will Move On From An Attacker Dumping PKR's Value on PancakeSwap

The cryptocurrency and blockchain industry is prone to incidents and attacks. Polker, a blockchain poker game, suffered from such an incident briefly after the service launched. The attack also involved the Poly-Network bridge provider, triggering a significant price dip for the PKR token.

A Crafty Attacker Exploits PKR

Making matters worse is how the attacker then decided to leverage the Poly-Network. This bridge between Ethereum and Binance Smart Chain makes it easy and convenient for users to swap tokens from one blockchain to the other. Unfortunately, it created an opportunity for the culprit to transfer the illicitly acquired PKR to the BSC chain, which had a lot more liquidity. As expected, the outcome is how PKR's value declined quickly and negated most of the token's appreciation since the IDO concluded.

To ensure the PKR token had adequate liquidity before distribution, polker had added liquidity pools on Uniswap, JustSwap, and PancakeSwap. It is a straightforward and quick process that takes roughly 15 minutes and includes verification of the pools. After its completion, the team began distributing PKR to launchpad participants. All it took was a one-minute window for an opportunistic culprit to target the Uniswap V3 liquidity pool and purchase 1.75 million tokens.

One could argue Poly-Network could have prevented all of this if they had shut down its Ethereum-BSC bridge quicker. But, unfortunately, that service had a security breach of its own, which allowed the culprit to transfer the tokens across the different chains. As IDO investors saw their token go to 16x the IDO price and drop to 2x the initial value, there is now a lot of pressure on this particular market.

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Polker Steps Up Its Game

It is crucial to understand no tokens were made available to insiders ahead of the tokens. No one who participated on BSCPad, TRONPad, BullPerks, and Bondly received tokens ahead of anyone else. Nor are there unlocked tokens for the Polker team or platform, resulting in this ordeal not benefitting the project whatsoever.

As part of the recovery plan, the Polker team attempts to mitigate the damage to investors. Introducing a token buyback, a token burn, and a future airdrop ahead of the full game release can help restore community faith in the project. However, getting through this stage will require the community's help, as the team has had a lot of its hard work undone in a matter of minutes.

Closing Thoughts

Moreover, the token buyback and burn will be good news for investors, even if some of their initial gains have now evaporated. The project is still ready to go live and serve as a poker game with NFT integration.

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