Hypocrisy and silence. Second update on the PancakeSwap Scam.
6 days passed since our original medium article was published.
To this day, there is still no action taken by PancakeSwap, Certik or Binance.
11/11/2020, hypocritical announcements
Today, 11/11/2020, PancakeSwap announced that they are working with Beefy to help Beefy’s users who were affected by the Syrup scam.
This puts PancakeSwap developers in the hypocrite basket, since PancakeSwap hasn’t helped its own users affected by the Syrup scam.
Today, 11/11/2020, Binance brags how they are fighting bad actors and taking million steps to fight them.
However, the Syrup exploiters managed to transfer their funds to Binance’s hot wallet and Binance have done nothing so far to stop him or freeze his assets.
There isn’t even any official statement from Binance.
You can’t brag how you are helping others, but choose not to help your own.
You can’t brag how you fought crime in the past, but choose not to fight it now.
Handling of crisis
How PancakeSwap handled the syrup issue?
Instead of going after the exploiter, PancakeSwap’s developers (on purpose or unintentionally) decided to point the finger to the Syrup traders.
PancakeSwap’s developers, with their irresponsible announcements, made the community put syrup traders in the same basket as the original exploiter.
This made the community believe that syrup traders are “bad persons” who stole part of cake’s stakers apy (the only person who did that is the exploiter).
Doing that, the developers already affected any future vote in a negative way.
The vote is already influenced before it even started. The developers must act accordingly and take steps to improve this falsely created image.
Solutions
First, a snapshot must be taken of all Syrup balances right at the time of the announcement (PancakeSwap’s announcement that Syrup will be no longer used).
The exploiter’s address should be blacklisted.
At this point we will have the exact amount of excess syrup in circulation.
After that, the developers must decide which is the most appropriate way to continue, helping the affected users and protecting the current users at the same time.
Here are some solutions which can help the affected syrup holders, and at the same time have minimum or zero impact on the Cake holders and Cake’s price.
Soluton number 1:
Use funds from Binance’s buidl program.
- The PancakeSwap team will receive BNB from Binance’s program
- PancakeSwap’s team can buy Cake with those BNB (which would have positive effect on Cake’s price)
- Then they can distribute those cake to the affected Syrup holders
Solution number 2:
For a limited amount of time, use 50% from the lottery injections to help the affected syrup users.
Instead of gambling, support the affected users.
Solution number 3:
When new community projects are added to the syrup pool, reserve a small percentage of each project to the affected syrup users.
Solution number 4:
Use certain percentage from the lottery burn (maybe increase the burn to 20%, and use one quarter of those) to help the affected syrup users.
This might be a longer process, but it will be effective and it won’t have negative effect on Cake users and its price, since it is a long-term one.
Solution number 5:
Ask Certik to assist you in handling this issue.
Keep pushing for funds from the CertikShield program, which you paid for.
Use those funds to help the affected users.
Solution number 6:
Ask Binance to assist you in handling this issue.
Ask Binance to take action and freeze the funds of the exploiter.
Use those funds to help the affected users.
Solution number 7:
Show the community that you are capable of solving unexpected problems.
Choose not to accept any of the solutions above and create a new one that helps the affected users and has no negative impact on the rest of the community at the same time.
