YOP AMA with Founder

Following on from the events of Wednesday 14th April, the YOP Founder conducted an AMA in the YOP Telegram chat. This recap has the questions and answers from the AMA.

Note: The 2 million YOP tokens stolen by a sophisticated phishing attack during an OTC transaction have now entirely been sold into the market. There are NO further risks/threats from the hacker. There was no data breach and all other funds are secure. The theft has not financially impacted YOP operations. For context this was 2 million YOP tokens from a reserve of 13.3m YOP tokens in the Future Token Sale Pool (see YOPonomics for more). Although we have endured a lot of pain in the days following the hack, we are now past this moment and return back to stability. All further action will come from the relevant authorities and agencies involved in the investigation. A FULL transparent write up of the events leading to the hack and after will be written up in due course. No further action from token holders is required. The YOP project remains on track to deliver V0 and we look forward to sharing positive news in the days ahead. We thank you all for the support and kind messages.

YOP AMA Starts 4pm UTC

Introduction

Hello YOP Community, it has been quite hectic for everyone and we really appreciate your patience and support to the team members during these times. This theft case was one of the unfortunate incidents in this space which crypto enthusiasts are still being plagued with and we hope our contribution to the search party with the security firms will help bring these perpetrators to book very soon. Just as they say, ninety-nine days for the thief, one day for the master.

We have done our best and followed up on this case and from our investigation this is a group of experienced fraudsters who have been doing this for a very long time. We are cooperating with security firms day and night to get to the root of this case. Thus, we are bound not to share the incident in detail as it may impact ongoing investigation. However, we will be able to share it once investigations are over and circumstances allow us to do so. Now, We scheduled this AMA on 16th April, 2021 at 3pm UTC in order to answer your questions and clear any doubts that were hanging in there. We were very glad of the participation from everyone and once again, your support and commitment to this project can never go unmentioned. We say Bravo & we are always committed to be transparent with our beloved community.

Below is the summary of the AMA and hope to schedule another one as soon as possible and give you updates about YOP Application and any other relevant matters. The questions asked by our community members were answered by our founder Atif Yaqub and detailed as follows:

Question

Is the App ready?

Answer

V0 has made very good progress that past few weeks. We will be announcing the launch soon as we finish the next few sprints. It’s closer and after this week’s events we have pushed the team harder to get it out.

Question

Who was involved?.

Answer

We don’t know who the person is.

Question

How did this happen?

Answer

Was phishing of a private key during a transaction to move 2 million YOP to a wallet where they would vest from.

Question

What degree of responsibility does YOP bear for this?

Answer

YOP has taken the loss and of course we are responsible.

Question

What is the team doing to limit the coins the thief has to sell?

Answer
We cannot control the wallets of hackers.

Question

What is the team doing to restore confidence with investors?

Question

We are here and charging forward with V0 and the project goes on. It’s not big enough to harm us long term

Question

How long does this delay the project going forward?

Answer

Production and development will stay the same. We still have over 11m YOP in the future token sale pool.

Question

With all the hacks and thefts in crypto everyday, what was there not a plan in place for such an event?

Answer

This was a very sophisticated theft by an organised crime group. We had taken all steps but in a short window with a sophisticated team they got access and stole the tokens without making any payment.

Question

Please explain about the accident and how the team will resolve the issue?

Answer

Going forward we don’t want to publicly discuss anything regarding the hack. There are several reasons for this that you should all understand.

Question

Will Pluto commit to publishing it’s smart contracts (that are already publicly accessible through the blockchain) and security audits in a collated manner so people can do proper due diligence and easily distinguish between a wallet hack and a smart contract hack? This is pretty much industry standard for other projects in this space.

Answer

This is not a smart contract or wallet. It is a large-scale planned OTC fraud that took place physically. There are some details we cannot talk about yet, but there will be follow up on this issue.

Question

What is the strategy to deal with the tokenomic impact of the compromise?

Answer

In terms of going forward like the messages I have posted, we are committed and this will not take us down. If anything it will make us stronger and we have great support from our partners, community and investors.

Question

My only question is why does every project that gets hacked/robbed just happen to have a connection with PAID? Was the OTC involving Kyle from PAID?

Answer

This is a young industry with many vulnerabilities. Although we take all the precautions there are moments where those vulnerabilities can be exploited and if the hacker/thief is planning to attack unfortunately this can happen. What have we done after, we have reviewed security and engaged with several firms to ensure more steps are in place to stop anything like this happening again.

Question

Can you confirm how you will reward those who kept supporting the project like announcement and who would that be (those who HODL or those who bought the dip).

Answer

We will publish a reward plan for those that held during the first 24 hours.

Question

Are we safe from any dumps ?

How can the team financially survive this? Does it have any effect?

When was the last time you slept?

Answer

We believe the worst of it is over. Going forward we just have to be strong together and support the project. YOP is bigger than 2 million tokens and we will grow this project with everyone’s support.

The project has enough funding to finish this phase of development and then we can review going forward. For now we are fine.

Question

Will the reward plan apply to personal wallets on staking?

Answer

Those tokens that were not staked.

Question

Will that reward plan only apply to personal wallets and not exchange wallets like gate.io

Answer

Only wallets that we can track.

Question

so you wait for the thief to sell the tokens to make it over?

Answer

The worst of it is done. The thief still has tokens but we don’t think he will sell more in the same way.

Question

Will more liquidity be locked?

Answer

The current liquidity is locked and we will keep it the same.

Question

How long have you been preparing for the project YOP Finance?

What’s next for YOP in 2021?

Answer

Since last year, I have really been watching this space for a good all in one app that never came for many years, so I decided to build it.

Question

Will YOP sure release the app in Q2 I was holding since December when the target was Q1?

Answer

Not sure which token you held in December but yes V0 is coming

Question

What are YOP Finance main targets in 2021, and what steps will you take to increase the demand market for the token?

Answer

Deliver app. Build customers. Grow bigger and bigger. We are 4 months young.

Question

Are we looking at a May app launch? Thanks for sharing so far!

Answer

Don’t want to say a date, but since this week’s events I have requested that we push harder to get V0 out quicker, but we are limited to development work, bug finds and repeating that process.

Question

Will the rewards count towards people that supported YOP by buying during the dip when the thief was unloading?

Answer

We will announce those details. We need to carefully manage the supply and work from there. In it for the long term not short. So step by step.

Question

I just ask the question about the wallet, can they dump it or not?

Answer

The worst of it is over. Now we charge forward. Yes they can sell whenever but we are not going to stop and watch that all day. Time to move forward.

Question

“YOP is chain agnostic” Can you give us a brief explanation of what this means? And how do you plan to integrate the leading products built on 7 networks (Including Polkadot, Ethereum and Binance)?

Answer

One by one, we will have cross chain functions in the application so that you can move from one network to another seamlessly.

Question

Will the fraudster be able to claim rewards for holding his 700k

Answer

Technically yes they can stake, that’s a feature of the decentralised economy. Although YOP Vault is full right now.

Question

how the tokens stolen affect the team, those tokens were for marketing, pay developers?

where stolen during a transaction or were stolen from the wallet?

Answer

From Future Token Sale Pool, which still has 11.3m tokens left. So the project is not impacted in that regard. Rest of the pools remain the same. We are reviewing some options to offset and will announce those when ready.

Question

When will you add more YOP to the staking pool? Why such high fee when trying to stake? 3 ETH.

Answer

The fees have not been so bad recently and we hope the coming upgrades will further improve Ethereum UX. It is still the largest network by far, but we are looking at options for staking on other networks too.

Question

When can we expect the first ido?

Answer

Post V0 launch.

Question

What about the next move from marketing ? How do you intend to create a 25m height of hype ?

Answer

Why 25m height? Why not 100m or 500 meters. Think big.

Question

Hello Atif, I think it’s an important issue to manage expectations now. In case the thief decides to dump, do you have a plan to counter the valuation that will follow, or are you expecting to just let the market solve itself?

Answer

We are focused on providing utility and let the market do its best. If you have a good product, rest will balance out.

Question

Hello Atif,

Yop, have a real office?

and where did the YOP Finance project come from?

Answer

Most of the team works remote as we started during C19. You can see the team and locations on the website.

Question

How can we support you / the team? Is there anything we can do?

Answer

Appreciate all the support we have little or big. Do your bit. Tweet about YOP, talk about YOP. Maybe even drink some YOP?

Question

Can you give us any idea of the next partnerships coming up?

Answer

We have great partnerships planned, just lost a few working days this week, Monday back on track and full speed ahead. Stay tuned.

Question

Will you be market buying tokens to make up for the stolen tokens being sold? And what are the marketing plans moving forward?

Answer

The reward plan and re-balancing we will announce once we are ready.

Question

Will YOP consider working with BSCstarter for launchpads from the BSC network?

Answer

We are in discussion with a few BSC network launchpads.

Question

reputation was screwed up. How do you plan to get it back?

Answer

I disagree. We had a theft but it does not kill us. Will work harder, make sure we stay strong. I actually want to thank you all for supporting YOP and myself. It’s not easy when things go wrong but with everyone’s support we put this behind us and move forward.

Question

Will YOP build partnerships with centralized services like Binance and Coinbase to bring Defi to the masses?

Example: Direct trading on Binance from the Yop app

Answer

Access to CEX liquidity via Orion Protocol liquidity aggregator

Question

This must be a joke. Is this all there is? we don’t want such a simple explanation. Did we wait 2 days for this? unbelievable. 2 million yop entered the market, and the only explanation: fraud. Why doesn’t 2 million yop burn?

Why was OTC trading in demand?

Whose plan is it to sell 2 million yop?

Who else can sell this?

Answer

As I said above we will give more details when we can, at the moment we cannot discuss publicly. In terms of re-balance we will announce when we are ready. The tokens were from the Future Token Sale pool which is in line with the token economics, for 2 million tokens to vest over 12 months. You have not been conned.

Question

hi atif,

YOP have products like borrow and supply?

Answer

We are working on a few things around that.

Question

How many smart contracts are there running Yop v0 and what proportion of these have had professional external audits for each release?

Answer

All contracts will have a full audit with our trusted providers. The other contracts integrated will be audited by 3rd parties for example if there is an integration to another vault.

Question

Will there be a report on the hack, and if, will this report be made public?

Answer

Correct full report and story.

Question

So why are we 2mil being sold otc to begin with?

Answer

Check the token economics document.

Question

Tell me something decisive so that I do not leave the project after the staking period ends

Answer

We are just at the beginning. Stay strong. So much more to come.

Question

Will you make a program ambassador for the community?

Answer

Yes there should be more community reward plans coming.

Question

So we should expect an app in April? Or May? A sort of timeline will give confidence

Answer

We will announce the date soon as we finish final sprints. Not that far now.

Question

How Many partnerships now with YOP?

Answer

many and many more to come see Partners page on website.

Question

About yop nft 88 222 and 888

Will we be able to get some other operation in the future like yield ?

Or can we acquire them only by being them on opensea ?

Is there any good point having 3000 YOP whereas road three is oodles with 888 yop ?

What kind of marketing action do you plan ? Can you tell us more :)

Little Idea — giveaway goodies to the community

Keep working it is rude time but Rome wasn’t built in one day

Answer

There will be other use cases for the YOP NFTs, as always from the start for DeFi in the app.

Question

Are you guys taking care of yourselves? Don’t want a burndown before V0

Answer

It has been hectic and non-stop but we are committed to the project. Thank you for the support.

Question

How long after IOS launch do you expect to release the android version of the app?

Answer

We are already working on it. Should not be too long after but for now focus on getting V0 iOS and starting building a customer base. We are also working on the desktop application.

Question

Kattana, a new project, was able to freeze the wallets of sniping bots during their IDO… Can you contact their team to figure a way to freeze the thieves wallet?

Answer

From the start we never had any such code in our contract. This is a decision for each project, but having full control over all tokens totally centralises the project. The downside of the fully decentralised contract is that you can’t stop a wallet after theft. Still favour full decentralisation of having control which can also be abused.

Question

Do you think this kind of scenario will repeat in the future? What are the precautions you will take to avoid this again?

Answer

We have done a full security review and will not engage with OTC transactions. We have to look at other methods and 3rd party custody for even stronger security. Right now everything is safe.

Question

How do you intend to have access to all these launchpads, whilst complying with their requisites?

Answer

Each one will work differently and we have answered that a few times.

Question

The only smart contract linked to from app.yop.finance is this: https://etherscan.io/address/0x2f970a3EC702B059861a44DA983Ccf5f647E7c66#code

On line 91 it says, “//THE smart contract for staking RAMP tokens and claiming the rewards

//Fully fair and simple. Enjoy ;)”

What does this mean? What is the RAMP token reference in this context?

Answer

Ramp is a fiat provider 😉

Ok I guess that’s all for today…. Will still be about but have to take a few calls now.

End of AMA.

YOP Socials

Twitter @YOPfi

Telegram @YOPfi

LinkedIn @YOPfi

Website yop.finance

yop.finance

YOP — yOptimization Platform & Protocol

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