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$DN — An Update to the DeepNode Community
Transparency remains a core value at DeepNode. Today, we’re sharing additional details on what occurred, what we’ve learned, and how we’re moving forward.
Background
To ensure sufficient liquidity at launch, the DeepNode Foundation borrowed $X million USDT (at interest) from a Liquidity Provider. This loan was over-collateralized with Y% of the total DN supply.
These funds, along with additional Foundation capital, were allocated to our Market Makers, together with a corresponding amount of DN tokens.
The collateral was held by a recognized third-party trading firm.
This structure is standard for new token launches to enable exchange listings and healthy market liquidity.
What Happened
The Liquidity Provider breached their contract and dumped the DN collateral tokens.
We have clear evidence of this violation.
Believing a potential exploit or hack was underway, our Market Makers acted immediately and pulled liquidity from exchanges to prevent further damage.
The combination of liquidity withdrawal and aggressive dumping caused a sharp price collapse.
The collateral was under third-party custody. We are actively investigating why the custodian executed the Liquidity Provider’s instructions.