PoolzFinance to Deploy New POOLX Token Contract and Remove Old POOLZ Token Contract

03/17/2023 01:43 • Blockchain Buzz • 157 views

According to reports, the official blog of PoolzFinance stated that a new POOLX token contract would be deployed and airdropped to all addresses (calculated before the hacker attack), and the old POOLZ token contract would be removed and destroyed.

PoolzFinance: A new token contract will be deployed soon and will be airdropped to the user’s address 1:1 before the attack

Analysis based on this information:

PoolzFinance made an official announcement that they will be deploying a new POOLX token contract and airdropping it to all addresses calculated before the hacker attack. The old POOLZ token contract will be removed and destroyed, leaving investors with the new POOLX token.

This move by PoolzFinance is likely a response to a recent hack that took place, compromising the old POOLZ token contract. With that security breach, PoolzFinance needed to take action to protect their investors and ensure the safety of their funds. By creating a new token contract, they can restore confidence in the platform and offer a safer investment option to their users.

The process of deploying a new token contract and airdropping it to all eligible addresses ensures that all investors are given the opportunity to swap their old tokens for new ones. This means that the value of the old tokens will be transferred to the new tokens, ensuring that investors do not lose any invested funds. This is a necessary action to protect the interests of the investors and prevent them from losing out due to the security breach.

The removal and destruction of the old POOLZ token contract means that it will no longer be available for trading, effectively retiring the old tokens. This should provide investors with the confidence and assurance that their investments are now protected by a more secure contract.

In conclusion, PoolzFinance’s decision to deploy a new POOLX token contract is a strategic move to restore investor confidence in the company. By taking swift and decisive action, the company has demonstrated their commitment to investor protection and their willingness to take appropriate measures to preserve the integrity of the platform. The airdrop process ensures that all investors are given a fair opportunity to swap their old tokens for new ones, ensuring that their investments remain secure. The company’s actions should help to restore trust in the platform and make it a more attractive option for investors.

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