$2 317 000 USD

APRIL 2021

GLOBAL

MONSTER SLAYER FINANCE

DESCRIPTION OF EVENTS

"Welcome to Monster Slayer! Can't save the world with an empty pocket."

 

"Monster Slayer Finance is designed by the game finance team as the foundation for our upcoming, entirely decentralized, and transparent NFT game. Combining aspects of an interesting NFT game using a stablecoin with the butter smooth and blazing speed of the Binance Smart Chain, all while costing you no more than a few pennies."

 

"Inspired by Basis, bDollar, MITH and many more projects, Monster Slayer Finance will be a multi-token protocol that consists of three tokens: Monster Slayer Cash (MSC), Monster Slayer Share (MSS), and Monster Slayer Bond (MSB)." "Monster Slayer Cash (MSC), Monster Slayer Share (MSS), and Monster Slayer Bond (MSB) MSC tokens are designed to be used as a medium of exchange. The built-in stability mechanism in the protocol deterministically expands and contracts the MSC supply to maintain MSC's peg to 1 $BUSD token. When TWAP - the time-weighted average price of MSC is above the 1 $BUSD peg, the protocol mints more MSC to keep the price of MSC lowers (to $1) and distributes them proportionally to all MSS holders who have staked their tokens inside the boardroom. MSS holders have voting rights and the ability to create proposals to improve the protocol."

 

"MSS loosely represents the value of the Monster Slayer Cash and trust in its systemic ability to maintain MSC to peg. During epoch expansions (when TWAP — the time-weighted average price of MSC is above the 1 $BUSD peg), the protocol mints MSC and distributes it proportionally to all MSS holders who have staked their tokens inside the boardroom."

 

"MSB determent the changes in MSC supply during both epoch expansion and contraction periods. For starters, the exchange rate for MSC to MSB is always 1:1. When MSC’s TWAP falls below 1 $BUSD peg, MSB gets issued and can be bought with MSC at its prevailing price. Doing so takes MSC out of its circulating supply through burning."

 

"MSC holders can exchange for MSB with a 1:1 ratio. MSB enjoy up to 30% bonus when MSC returns to peg and above. MSB has no expiry date and can be exchanged for MSC at any moment, with a 10% penalty if you do it when MSC is under peg. When redeeming, The Treasury will be in charge of handing out MSC for MSB exchanged."

 

"The token supply will have to expand to push the price back down to 1$ and you will now be able to exchange MSB to MSC without the penalty. In this phase, the contract will mint a certain amount of MSC and these will be distributed into The Treasury, The Boardroom, and The Stable Fund."

 

"We have contacted one of the leading audit firms in the crypto space, Certik, and the agreement had been signed. The agreement includes both the audition itself and Shield service for extra protection from Certik." "Payment for auditing: $10,000 (ten thousand USD). Payment for CertikShield insurance service, 2 months (60 days) package: $5,000 (five thousand USD)."

 

"As our next step, two new pools for users to stake their MSC and MSB is coming soon with the total reward amount of 1 Million USD. Further details will be announced on Monday, March 29th at 02:00 AM UTC -5."

 

According to CertiK, "[t]he Dev moved the $5m stabilisation funds to Binance and are now trying to control the panic until their timelock on the new contract."

 

"Barely 48hrs after the deployment of the new regulation page, Certik made the allegations and tagged the incidence a rugpull event. which reads zero (0) for most metrics." "The Regulation feature is integrated to act as a stabilizer to the MonsterSlayer stable coin’s algorithmic value and shows what goes on inside each of the Epoch, i.e., the redeemed, bonded, and expanded."

 

"There is a powerful silence in all communication portals of the tasks from the challenge team. No admin is in sight on the Telegram Group and has left users speculating, losing inciting messages, and calling the task a rip-off."

 

"Like this forwarded message from Dani, a Telegram member that alleges that a migrator characteristic has been included into the brand new agreement."

 

“If you are in on monsterslayer.finance, it is probably high-quality to withdraw your funds ASAP. There’s a migrator function in their new contract.”

 

"Warning: This project has been confirmed to be a rugpull and is deemed high risk. Do not engage, or interact, with this project."

 

"A BNB transaction from the Regulation wallet into Binance hot wallet tracked on Bscan tells us much more about the developing situation and a further confirmation on Certik Rugpull claims." "A total of 5,749.57577337 BNB at above $2m in today’s rate was sent to the hot wallet [on April 6th, 2021]."

According to CertiK And some other independent reports, shortly after launching and getting a full audit, the Monster Slayer Financce project was able to withdraw over $2m worth of investor funds from the smart contract hot wallet. While the Medium page is gone, the website and all other social media appears to exist presently.

HOW COULD THIS HAVE BEEN PREVENTED?

Funds stored in smart contract hot wallets face many risks, especially when the wallet is controlled by an anonymous developer. For proper protection, uninsured funds should be stored in a multi-sig wallet with all keys stored offline and held by known and trained individuals. At least two seprate reviews of this setup should be conducted.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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