DeepNode Incident Update:
Following our earlier announcement, we have conducted an extensive audit regarding the extreme volatility that occurred within the past 24 hours.
As part of our coordinated launch, DeepNode engaged a well respected funding partner to provide the initial liquidity needed for healthy market operations during the intense trading volumes following our TGE. Per industry norms, collateral ($DN tokens) were held by our liquidity lending counterparty, which were not to be touched, and were to be returned to the DeepNode Foundation in full at the end of the liquidity lending term.
Based on our investigation, it is our belief that this liquidity partner breached the terms of this agreement regarding this collateral. We do not make these allegations lightly, and are working with legal, law enforcement, and Centralized Exchanges to recover assets and protect the interests of all
$DN holders.
While this is ongoing, the DeepNode Team are also actively working with Market Makers to stabilise markets and improve liquidity on all fronts.
We hear you, we know people are hurting, we are working tirelessly to fix this, and we are not going anywhere. Our commitment to the project and our community remains unwavering, and we're focused on ensuring this doesn't impact our long-term vision.
We'll keep you updated as we progress toward a resolution. Thank you for your patience and continued support.