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    Details on Gate.io Supporting DRAC Airdrops Following the Attack

    2022-07-30 09:14:13 UTCLido:48340
    Due to irreversible changes in TEDDY's tokenomics caused by the security loophole, the increase in token supply has led to a price drop. Gate.io suspended the deposit and withdrawal of TEDDY along with its trading on July 25th.

    According to official announcements, DRAC Network will issue a new token named DRAC. TEDDY will then return to TeddyDoge and continue to circulate. At the same time, two snapshots will be taken before and after the attack to determine the allocation of the DRAC airdrops.

    The first snapshot is taken on July 24th, 2022, at 8:00 (UTC+4). (To protect the interests of token holders before the attack, the more TEDDY you hold before the attack, the more DRAC you will get.)

    The second snapshot is taken on August 3rd, 2022, at 8:00 (UTC+4). (To protect the interests of token holders after the attack, the more TEDDY tokens you hold after the attack, the more DRAC you will get.)

    The DRAC team will officially announce and distribute DRAC airdrops, and add liquidity on PancakeSwap on August 8th, 2022.

    By then, both DRAC and TEDDY will be in circulation. The old coins will not be exchanged for new coins. We will fully support the DRAC airdrop and resume trading services of TEDDY within 24 hours after the airdrop. If there are any changes about the airdrop, we will make an announcement for further notice.

    About the supply of TEDDY: The total supply of TEDDY issued before the attack was 15 billion, including 2 billion being destroyed. So the total supply of TEDDY in circulation was 11.7 billion, excluding 1.3 billion of NFT holdings (additional airdrops). The total amount of additional issuance after the attack is about 18 trillion.

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    Gate.io Team
    July 30, 2022

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