$TANKS token update

We’ve been made aware of a serious issue with our multichain provider which requires immediate and drastic action.

Upon publishing we have removed all liquidity from the TANKS/BSC pool on pancakeswap, and we urge all TANKS LP providers to exit their positions as soon as possible.

Why?

At the start of the project we had a vision to bring the TANKS game and token to as many chains as possible. We saw the top three chains at the time as the best bet to launch the game and token ecosystem — Ethereum, BNB Chain, and Polygon.

Two years ago multichain was an experimental but emerging techonology layer on top of blockchains. The biggest and most trusted at the time was Anyswap who later rebranded as Multichain. We created the TANKS token on Ethereum and used Anyswap (now Multichain) to bridge over to Binance Smart Chain (now BNB chain) and Polygon.

Aside: How bridging works

The “main” TANKS token contract is on Ethereum. When users “bridge” to Polygon or BNB Chain, they send their tokens to a bridging contract which locks up their tokens. On the other chain, once the system is sure the transaction cannot be reverted — tokens are minted by the bridging provider and sent to the wallet of the sender. Transferring back to Ethereum involves burning the tokens on Polygon/BNB Chain and unlocking the tokens on Ethereum to the sender.

Thus — Multichain owns all tokens locked on Ethereum AND owns the contract/minting rights to the tokens on Polygon/BNB Chain.

Given the news above, there is a risk that if we were to do nothing, someone who has access to the Multichain ecosystem could steal the bridged tokens or mint an infinite amount of TANKS tokens on BNB Chain to drain our LP pool. To prevent this from happening we have pre-emptively removed all liquidity to preserve this capital.

Now what?

There are no easy or quick solutions at this stage, but we are committed to keeping the TANKS token and ecosystem alive, as the project is still alive and progressing.

The TANKS token as we know it will be retired.

This crisis does lead to future opportunities. We now have the flexibility to have a new TGE (token generator event), a new raise and to focus on different chains and different multichain opportunities (such as those provided by LayerZero and Layer One X).

A new TANKS token will emerge from the ashes, however there are no hard timeframes on when this will happen.

I am a TANKS token holder — now what

Further instructions will follow in the next week or so. Please note that we have taken holdings snapshots across all chains and will investigate whether or not we have been compromised. All genuine token holders will be entitled to the same share of future TANKS tokens.