GNUS.AI

DESCRIPTION OF EVENTS

"More than a Crypto Token. Genius (GNUS) tokens are at the heart of a unique and patented blockchain and software system. The primary GNUS token is a multichain asset that can be used for decentralized GPU utilization. Also known as DePIN (Decentralized Physical Infrastructure Networks)"

"Due to a recent exploit, a hacker was able to mint fake $GNUS tokens on Fantom, transfer via Axelar Bridge to Ethereum and Polygon, and sell into existing liquidity pools. We will be conducting a snapshot of the block preceding the exploit. To ensure fairness, please refrain from purchasing $GNUS tokens post-exploit, as we'll be issuing a new token. Stay tuned for further updates."

"Fantom ecosystem project GNUS fell victim to an attack, resulting in a loss of approximately $1.27 million. GNUS.ai posted on Twitter: “Due to a recent exploit, a hacker was able to mint fake GNUS tokens on Fantom, transfer them via Axelar Bridge to Ethereum and Polygon, and sell them into existing liquidity pools. We will be conducting a snapshot at the block preceding the exploit. To ensure fairness, please refrain from purchasing GNUS tokens post-exploit, as we'll be issuing a new token.”"

"The attacker was able to view team members’ private Discord messages, allowing them to gain access to the team’s wallet address and mint 100 million fake tokens."

"The exploit was executed by an attacker who managed to get the private key to a critical team account. This allowed them to create a fraudulent version of the GNUS token on the Fantom network using the Axelar bridge protocol. Thereafter, they minted 100 million counterfeit tokens, which were then sold on the Ethereum network, causing a big price drop and financial losses for existing token holders."

"The attacker obtained access to 0x18 which allowed them to copy the token manager's salt deployed on the eth and redeploy the token manager on Fantom."

"The attacker bridged 500k GNUS to Ethereum and sold it for 407 ETH (~$1.27m)."

"Following our recent AMA, we want to update you on our recovery path post-exploit. We've successfully secured the exploit, and all tokens are safe. Our underlying token contract remains secure, and we'll continue with the current CA.

We are addressing the surplus tokens minted during the hack through a company buyback and burn strategy."

"Gnus.ai has also launched a “white hat bounty worth 10% of the stolen funds”, which will hopefully result in the return of GNUS tokens."

GNUS.ai aims to decentralize GPU utilization through their token. Unfortunately, that plan was set back somewhat when hackers were able to intercept Discord communication between team members which was intended to be private. After the hacker used private information to set up a fake contract, they could mint a large quantity of fake GNUS token and bridge this across to the Ethereum network where it could be liquidated. The protocol was ultimately able to retain the same smart contract address, and put in place different strategies to address the large supply created through the attack. The hacker was reportedly offered a 10% bounty for the fund returns but does not appear to have taken up the offer.

SlowMist Hacked - SlowMist Zone (May 29)
https://cointelegraph.com/news/gnus-discord-hack-causes-1-27-million-losses (May 29)
@GnusAi Twitter (May 29)
@GnusAi Twitter (May 29)
Gnus.AI Announces New Token Launch After $1.27 Million Exploit (May 29)
@CertiKAlert Twitter (May 29)
Ethereum Transaction Hash (Txhash) Details | Etherscan  (May 29)
@GnusAi Twitter (May 29)
@GnusAi Twitter (May 29)
@GnusAi Twitter (May 29)
@GnusAi Twitter (May 29)
https://www.ccn.com/news/crypto/discord-hacked-million-stolen-gnus-ai-exploit/ (May 29)
@SuperGeniusEth Twitter (May 29)
@SuperGeniusEth Twitter (May 29)
SlowMist Hacked - SlowMist Zone (May 30)

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