Dear Community,
I need to address what happened with the first token launch on our platform and share some difficult decisions moving forward.
What Happened This Week:
This has been one of the most challenging weeks since launching our platform. We encountered curve contract errors early in the week, followed by security incidents that required immediate attention. Despite working through these issues, the first token successfully bonded on our launchpad and migrated to DEX. However, within moments of the DEX launch, coordinated sniper bots drained the token's liquidity pool despite the protective measures I had implemented on our platform.
The Reality:
As the sole developer behind Sphere Launchpad, I've been running on little to no sleep for days trying to prevent exactly what happened. I take full responsibility for not having adequate protection on our platform against these sophisticated attacks. The current security landscape is more hostile than I anticipated, and rushing fixes would only put more projects and their investors at risk.
Moving Forward:
- Sphere Launchpad will be paused indefinitely while I completely rebuild our security infrastructure
- I'll be taking some time to rest and approach these problems with a clear mind
- I'm committed to supporting the team whose token was affected by this incident
To Our Loyal Stakers:
To everyone who still has their Sphere tokens staked despite everything that's happened this week - you are the backbone of this project. You didn't panic sell when we hit contract errors, you stayed when we faced security issues, and you're still here after this launchpad incident. When I do build new features or products in the future, you will be my absolute priority for rewards and benefits. Your unwavering support means everything.
What This Pause Means:
This isn't giving up - it's taking responsibility. I refuse to allow any more projects to launch on our platform until I can guarantee their safety. The current situation has shown me that our platform's security measures weren't enough, and I will try my best to not make it happen again.
Updates will come when I have meaningful progress to report.
Thank you for your patience and continued belief in Sphere.
Zenzo