OpenOcean’s Action to Shield Community from Potential Risks from the Poly Network Exploit

Incident Overview

On July 2nd, 2023, an attack on the Poly Network compromised the security of their main bridge resulting in the unauthorized transfer of multiple assets. 57 different assets were affected across 10 blockchains. Included in those is a significant number of $OOE tokens across multiple chains such as Ethereum, BNB Chain, Arbitrum, and others.

OpenOcean has taken immediate actions to protect the interest of token holders, and all user assets are currently safe.

Immediate Actions Taken

OpenOcean has moved swiftly to ensure the security of our platform and ours users’ assets:

• Initiated immediate conversation with Poly Network to assess the situation and understand the potential risks.
• Temporarily suspended $OOE trading pairs on OpenOcean platform, and restricted $OOE’s on-chain liquidity.
• Notified centralized exchanges to halt $OOE deposits as a precautionary measure, to safeguard user assets from potential malicious activities.

Mitigating Further Risks: The $OOE Migration Plan

OpenOcean is enacting a series of protective measures to mitigate any future risks and shield both our token holders and the overall ecosystem. In order to maintain the utmost transparency and community involvement in this process, we proposed a $OOE Migration Plan, which has been overwhelmingly approved by our DAO vote. The migration plan entails moving the $OOE token to a new contract on BNB Chain following the below rationales:

• As $OOE is a fully decentralized token, our ability to transfer or burn the large quantity of $OOE tokens stolen by the exploiter from Poly Network is restricted. Migrating to a new contract will allow OpenOcean community to regain control and prevent any potential misuse of the stolen tokens.
• The $OOE liquidity mining pools operate in a fully decentralized manner, preventing us from halting transactions or blocking the exploiter’s address from trading.
• Since the majority of our users’ assets are on the BNB Chain and considering the recent cross-chain bridge security issues, we’ve decided to remain $OOE deployed solely on the BNB Chain momentarily for security and convenience.

Being a project that thrives on community contribution, our DAO’s decision represents our collective will, and we are grateful for everyone’s participation in this critical vote. The plan is set to be implemented starting at 9:00 AM UTC, July 6, 2023.

We appeal for your further support and participation, as your action will be essential for the successful completion of our $OOE Migration Plan:

• $OOE Token Holders:

- A new $OOE contract will be deployed on the BNB Chain.
- Both BNB and ETH Chain holders will be able to seamlessly migrate their old $OOE token to the new one via our migration page.
- Holders on other chains will be able to seamlessly migrate their old $OOE token at 9:00 AM UTC, July 7, 2023

• Liquidity Providers (LPs):

- New liquidity pools featuring 3x boosted APRs will be established.
- LPs on both BNB and ETH Chains will be able to carry out your migration through our migration page.
- To incentivize early LPs, the first 2,000 LPs will be rewarded with a special utility NFT.

• DAO Staking:

- DAO staking from both Ethereum and BNB networks will be migrated to the new contract exclusively on the BNB Chain.
- No action will be needed from BNB Chain DAO Stakers. You will be able to view your assets directly on the BNB network’s DAO staking page — https://app.openocean.finance/dao.
- For Ethereum Chain DAO Stakers, kindly open a ticket in OpenOcean Discord ticket channel to get support for the migration process.

• Vault (Single Staking):

- Vault migration will be facilitated on the BNB Chain.
- No action will be required from BNB Chain stakers, while Ethereum Chain stakers will need to migrate their $OOE via the migration page.

For detailed instructions on how to complete the process, kindly follow this guide.

* $OOE trading will resume on OpenOcean at 9:00 AM UTC, July 6, 2023.