Yesterday, the CWS Ecosystem faced an unforeseen challenge when a phishing and bait-and-switch attack resulted in the loss of $1000 in ETH (0.5 ETH). While this was a setback, none of the contracts were exploited, and everything was migrated to a new, uncompromised wallet, ensuring the safety of the project and all the parts involved.
The incident served as a valuable lesson, reminding the CWS team of the risks and challenges involved in navigating the crypto world. They are taking active measures to prevent similar incidents in the future, including increasing security and improving their criteria for hiring new personnel.
The attack occurred hiring new developers who were not fully aligned with our mission and values. As we grow and attract more attention from the crypto community, we need to be extra careful about who we trust with our project. We are taking active measures to increase security and our criteria to work with new personnel. We apologize to our community for any inconvenience and concern that this incident may have caused.
Taking the careful advice of our advisors we minimized the impact of the exploit. None of the contracts were affected, and all the funds were moved to a new uncompromised wallet. The only thing affected was the ETH in the deployer wallet nothing else was affected and the loss was limited to $1000 in ETH (0.5 ETH).
We want to thank our community for their support and understanding during this challenging time and this incident has only strengthened that commitment to make a secure platform for our users.
In the wake of the exploit, the CWS team has decided to partner with an existing project that deploys trading bots rather than deploying our own. This partnership will benefit the CWS community and ecosystem, providing a safe and secure platform for users.
The next project that we are working on is a trading bot for the CWS Ecosystem that can autogenerate liquidity and buy Plankton to redistribute to community. After this incident we realize that this is a very tedious and complex task which will require a lot of dev power and more importantly trust. Therefore, we decided to partner with an existing project that deploys trading bots, and use their off-chain bot until we gather the dev capacity to deploy our own version fully on-chain. We believe that this partnership will benefit our community and ecosystem, as we continue to grow and expand our reach in the crypto world.
The story of the Flying Dutchman serves as a haunting reminder of the dangers that lurk in the tumultuous seas of the crypto world. Just as the cursed ghost ship was condemned to face the storm and the cycle of life and death so too did the CWS ecosystem had to face adversity. However, from the ashes of this incident, we have risen like a phoenix, stronger and wiser than before. We have learned valuable lessons and taken active measures to prevent similar exploits in the future.
Our community has shown unwavering support and understanding, and we are excited to embark on a new journey together, sailing the seas of the blockchain towards a brighter future.
