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Tweet thread by BitStable

2023-11-29 [vendor] BitStable sale failure
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Incident Details

BitStable launched their BSSB token in a public sale only to watch as all tokens sold out in one block. Four entities acquired the majority of the BSSB tokens, an outcome that the team had been hoping to avoid in the interest of “fairness and integrity”. As a result, the team announced that they would burn 75% of the tokens.Some applauded the decision, seeing the token hoarding as an unfair tactic that deprived others who wanted the tokens of their opportunity to buy any. However, some — particularly those who succeeded in buying tokens in the initial sale — worried that they were being “rugged” as the team threatened to destroy their tokens. Others objected based on the “code is law” ethos: “Basically we used ur platform and ur rules - u said ur selling at 500k mcap valuation and now changed it to 3m mcap valuation after it sold out - straight rug material u can’t do that lmao”, wrote one person on Twitter.

Technical Details

Vendor / Product
BitStable sale failure

Timeline

  1. 2023-11-29 Breach occurred
  2. 2023-11-29 Publicly disclosed