The market maker wallet of Animoca Brands’ mobile game Benji Bananas was compromised a few months ago. The attackers stole around 30 million PRIMATE tokens, accounting for 20% of the total PRIMATE circulation. The Benji team has made a move to strengthen its ecosystem and regain the trust of its loyal followers. Accordingly, it has decided to introduce a new token, BENJI, to replace PRIMATE. After this news, altcoin price recorded a strong increase.
Animoca Brands-backed altcoin takes flight!
The conversion rate for the swap will be 1:1. It will also allow PRIMATE holders to seamlessly transition to the new token. The decision to launch BENJI stems from Animoca Brands’ commitment to building a durable foundation for the future of the Benji Bananas ecosystem. The team aims to protect the reputation of the game and maintain a solid player experience by reducing potential risks and ensuring the safety of its owners and community.
To facilitate the transition, it has created a timeline for the rollout of the new token. The team took a snapshot of PRIMATE token balances in wallets and liquidity pools as of July 17, 2023, urging holders to refrain from carrying PRIMATE tokens until further notice. Also, the centralized exchange, Huobi, has temporarily suspended PRIMATE trading.
Amid these developments, PRIMATE made a jump from $0.00407 to $0.0348. In this move, the altcoin recorded a rise of about 970%. However, PRIMATE then returns some of its earnings. At press time, the altcoin was trading at $0.02642.
PRIMATE daily price chart / Source: CoinGeckoHow will the process work?
The team recommends special updates to PRIMATE owners, on-chain BENJI owners during the transition period. He also says to keep a close eye on the official community channels for special events. He gave specific instructions for liquidity pool holders on decentralized exchanges. BENJI recommends that holders withdraw PRIMATE tokens from their liquidity pools, including liquidity pool tokens, before they become available for exchange. Owners must claim the rewards accumulated in the pools. In addition, a Google Form must be submitted by August 18, 2023.
Regarding team wallets, it took snapshots of token balances prior to BENJI’s launch. After issuing the new token, it will airdrop the corresponding amounts of BENJI to the new team wallets. In conclusion, BENJI’s replacement of PRIMATE demonstrates Animoca Brands’ proactive response to the security breach that occurred in Benji Bananas’ market maker wallet. The team aims to ensure the long-term success of the Benji ecosystem by offering a seamless exchange process and prioritizing the safety of its community.
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