Equalizer Migrates to Sonic, Airdrops $30K in $EQUAL Amid Security Challenges

News, Trending

Equalizer Migrates to Sonic, Airdrops $30K in $EQUAL Amid Security Challenges

  • Equalizer successfully migrates to Sonic, with $30K in $EQUAL airdropped to early supporters after the liquidity shift.
  • Over 97% of veEQUAL and 70% of $EQUAL tokens migrated, with burned tokens to enhance Sonic’s liquidity.
  • Despite progress, a hacker drained user funds on Equalizer DEX, prompting heightened security warnings for users.

Equalizer, the decentralized exchange (DEX), recently completed its migration to the Sonic platform, marking a pivotal moment for the project. In a post on X (formerly Twitter), the Equalizer team shared key details about the migration. This transition involved removing the EQUAL/FTM liquidity and separating $EQUAL on Fantom and Sonic. 

The launch liquidity pool (LP) on Sonic will consist of 106,542 $EQUAL and 840,511 $WS, pegging $EQUAL to 7.89 $S on Sonic. As a reward for early supporters, the team will airdrop $30,000 in $EQUAL, based on the current price.

Key Stats from Equalizer’s Migration

The migration statistics further highlight the strength and engagement of Equalizer’s community. An impressive 97% of veEQUAL, 70% of $EQUAL, and 72% of EQUAL/FTM LP tokens have been successfully migrated. Additionally, the team announced that migrated veEQUAL tokens will be stored in the treasury, without voting rights, for the next six months before being burned.

https://twitter.com/Equalizer0x/status/1868467779202068593

The $EQUAL tokens removed from the Fantom network will also be burned, and new $EQUAL/WS LP tokens will be airdropped to liquidity providers. These efforts demonstrate Equalizer’s commitment to ensuring the success of its migration to Sonic and preparing for a public release in the near future.

A Security Breach Shakes the Equalizer Community

However, the launch of Sonic comes at a challenging time for the Equalizer project. In May, a hacker began draining user funds through the Equalizer DEX. The breach started with the theft of 2,500 SpookySwap liquidity tokens (spLP) and quickly escalated. 

Over time, the hacker drained various tokens, including 2,353 EQUAL, 510,579 FantomStarter (FS), and 6 million AnyInu (AI) tokens. The hacker continued the attack over multiple transactions, exploiting the vulnerability for weeks.

To make matters worse, a scammer took advantage of the situation by creating a fake Equalizer X account and offering refunds. This compounded the damage done to the community. The Equalizer team has since issued security recommendations to users. They advised anyone interacting with the platform to be vigilant, especially when prompted to approve unknown contracts.

The post Equalizer Migrates to Sonic, Airdrops $30K in $EQUAL Amid Security Challenges appeared first on Crypto News Land.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply