[Update: Oct. 04] Elongated crypto tokens lost or missing for many, issue under investigation
New updates are added at the bottom of this story …….
The original story (published October 02, 2021) follows:
Elongated crypto tokens are part of the Binance Smart Chain which involves charitable work. Basically it is a way by which you can donate using cryptocurrency. All you have to do is save your tokens to earn rewards.
When you transact with Elongate, a certain amount is rewarded. And the company burns tokens that increase the value of holders’ tokens.
This service was working fine until some of its users started reporting an issue in the wallet section. According to reports, users have found that their number of extensions in the Trust Wallet has significantly decreased.
This left the users in a panic and they were helpless. But fortunately, officials have recognized the bug and assured users that there was nothing to worry about.
I decided to check my Trust Wallet earlier and noticed that my ElonGate account had dropped by around $ 50 million, more or less. Has anyone had this problem? (Source)
I also lost tokens, so I’m looking forward to the solution on this – thanks. (Source)
During the initial investigation, the company noticed an unexpected side effect in which tokens were sent to burn all wallets on chain. However, BitMart and LBank users were not affected.
As a result, a total of 50 trillion community tokens were burned and the burnt wallet balance increased from 438 trillion to 488 trillion. While everyone’s share of the supply in circulation was the same.
In addition, the company is conducting a code review to further investigate the cause. Also, they decided to find ways to reward everyone to make up for the losses.
Currently, it’s unclear which piece of code is responsible for auto-burning tokens and the company is still investigating.
This issue appears to be of great concern not only to consumers but also to Elongate itself as it can cost them their goodwill. However, the company will elaborate on the whole scenario once it finds the cause and fixes the problem.
As a user, if you are also facing a sudden drop in your Elongate portfolios, please feel free to share your perspective in the comments below.
We will keep you posted as this story evolves as soon as anything new comes to our attention. Until then, stay tuned.
Update (October 04)
12:06 (IST): Elongate now says they’ve developed a solution that should help restore everyone’s lost tokens.
We have developed a solution for the token error. This will happen automatically with the launch of the bridge to Ethereum. Read on to find out all the details.
Featured Image Source – Elongate
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