Important Notice: PLA Mitigation Plan (Notice Update: 2024–02–16 1:18 UTC+0)

We are estimating the scale of damage for the initially minted 200 million tokens, while it’s confirmed that there is minimal damage from the secondary minting of 1.59 billion tokens.

Currently, the transactions associated with the hacker are being tracked by security firms, so most of the invalidly minted tokens will be filtered out during the migration process.

Loss of ownership over the token smart contract opens the possibility for further attacks on PLA tokens. In order to prioritize the protection of customer assets and ensure stable service delivery, we are proceeding with migration as follows:

1. The timing of the snapshot will be announced in the next update.

2. PlayDapp will coordinate with CEXes with the migration from PLA to PDA reimbursing PDA to PLA-holding users.

• They will use the current user balance holdings as per the snapshot timing to reimburse affected users.
• They will receive the full amount of token holdings as per the snapshot timing at a 1:1 ratio.
• Users who have PLA tokens with coordinated CEXes will not need to take any action.

Updates regarding these coordinated exchanges will be provided through official PlayDapp channels.

3. For PLA holders whose wallets are not on the coordinated CEXes:

• PlayDapp has prepared a Migration page and claim portal for PLA holders.
• The launch date will be disclosed with the coordinated CEXes.
• PlayDapp will ensure holders undergo Know Your Customer(KYC) for Anti-Money Laundering(AML) compliance.
• The claim period will be one year through the portal, with an additional year through individual customer support, totaling 2 years of support.

Migration from PLA to PDA (New Token)

• About PDA: PDA is an upgraded version of the PLA token. It introduces multi-signature implementation, snapshot, pause, and burn authority separation for management while removing minting authority for stability.
• Additionally, it will introduce a DAO voting system to enhance user communication and transparency.
• PDA tokens can only be swapped at a 1:1 ratio using wallets that are not associated with the hackers.

Furthermore, there will be a separate announcement on the snapshot and token swap details.

Notice update: 2024–02–16 1:18 (UTC+0)

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