In the early hours of July 23, DOS Network, an oracle project, published an official post on its WeChat account accusing MXC Exchange of freezing accounts, virtual token inflation, and failing to meet rigid redemption obligations for DOS tokens. Around 2:50 AM, DOS token price plummeted by 85%.
DOS Network stated that two weeks after the successful launch of its oracle mainnet, the total staked amount had nearly reached 23 million DOS tokens. However, after investigation and evidence collection, it was confirmed that MXC Exchange had issues including account freezing, virtual token issuance, and inability to properly redeem DOS tokens. Just fulfilling redemptions for the project team's DOS tokens held in the exchange resulted in a shortfall of nearly 11 million tokens, not to mention redeeming all user-held tokens.
Therefore, the DOS Network team has decided:
1) To upgrade the DOS token contract at 00:00 AM Beijing time on July 24, conducting a one-to-one swap and distribution of existing DOS tokens into new DOS tokens. Staked DOS tokens and their accrued rewards will remain unaffected. The MXC exchange wallet address has been blacklisted, and this upgrade will exclude balances held in the MXC wallet. Community users are advised to stop depositing or trading DOS tokens on MXC immediately.
2) Given that this token contract upgrade occurs while the mainnet is already live, to protect your financial interests, we urge all token holders to promptly withdraw their tokens from exchanges into personal Ethereum wallets.
3) After the token upgrade, the team will provide liquidity pools on decentralized exchanges such as Uniswap and is preparing to launch a liquidity incentive program.
