At its early stage, Cashaa is traded at low volumes so that a small number of CAS tokens is enough to manipulate the market price. In the past, we have observed incidents where 2–4 Million of tokens suddenly dumped in the
market could crash the price. These crashes give the impression that the community is selling its tokens while actually it is caused by criminals dumping the stolen tokens they acquired by hacking, scamming, phishing, etc.
Last week, in an unfortunate event, 20 Million CAS were criminally taken from a personal MEW. As soon as we realized the impact of this event, we immediately notified all the exchanges to halt the operations and issued a
warning on Coinmaketcap. This was needed to protect the community so that these criminally acquired CAS tokens would not be dumped at any price at exchanges, and further crashing the price of the CAS token.
As we just launched our product for businesses and on-boarded businesses on our Cashaa banking platform, we will see the impact of it in terms of the demand for our CAS tokens. See our Medium update to know what we have achieved so far: Community AMAs 2 June — All you need to know about our achievements in May!
As a community, we will now have to decide what the next step will be.
We have considered different options and as CAS is an ERC 20 token we do not have any control. However, to support the community and protect the community from a further dump of stolen tokens, we propose to SWAP existing CAS tokens with CASHAA tokens (new symbol).
> Existing token symbol: CAS
> Proposed token symbol: CASHAA (new symbol)
To cast your vote you have to send 0.1 CAS to the following address:
Support SWAP (YES)
or to the next address if you are against SWAP
Against SWAP (NO)
What will be the voting mechanism?
Thanks to blockchain, all data is publically available. CAS is distributed in 12,464 addresses, through this voting mechanism holders can send their decision that they want to SWAP or NOT. 1 CAS = 1 vote, to proof the address decision you have to send 0.1 CAS from the address which you control.
If you have CAS distributed in 5 addresses, you need to send 5 separate transactions of 0.1 CAS each to the respective address.
The system will automatically check the weight of your vote based on a number of tokens held by the address which sends 0.1 CAS.
If you have tokens present in Cashaa wallet and some part of it is locked for the plan you have chosen, You vote will be calculated also your locked tokens. But you must have to send 0.1 CAs from your Cashaa account to cast your vote.
Please withdraw your tokens from the exchange (Hitbtc, Idex etc)and move it your Cashaa wallet or any on-chain wallets( Metamask, Trezor, Myetherwallet) before voting. Votes sent from an exchange address will not be counted. In case of any issue, please raise a helpdesk with the exchanges.
To cast your vote you have to send 0.1 CAS to the following address:
Support SWAP (YES) — 0x6D54a8C3D72e81EA0b62dC8D4E982e599216d776
Against SWAP (NO) — 0x58799B8DD5e04Fe947197a72F4f281Fc85bA06c9
Voting starts at 6th June 12:00 PM GMT and ends on 15th June 2019 12:00 PM GMT. The election result will be decided based on the final numbers.
or if holders of more than 370 Million CAS tokens have voted for any one option and will not affect the decsion process with more votes.
What if the SWAP vote succeeds?
- All existing CAS tokens will be discontinued from the Cashaa ecosystem and the new CASHAA token will be implemented.
- CAS tokens in the hands of criminals (by hacking, phishing, scamming, etc.) will become obsolete (without KYC) and will not cause any effect on the market price.
What will happen to the recovered funds?
- 50% of funds will be used to cover the cost of the SWAP.
- 25% of the funds will be returned to the victim.
- 25% of funds will be distributed among the voting participants. These funds will be sent to your Cashaa wallet and will be locked for 12 months.
What to do if your tokens are at Exchange?
- Login into your exchange account.
2. Withdraw them to your Cashaa Account and complete the KYC. Update 7 June: We have informed all exchanges to re-enable withdrawals. Please follow our official Telegram group for the latest updates concerning withdrawals.
3. In case of any issue, raise a helpdesk at the respective companies.
Note: If you are not able to withdraw your tokens on time you will not able to participate in the vote with exchange tokens, but still you will able to get the new CASHAA token in case of SWAP happened. Detailed information on this will be given in the case the community decided to go with SWAP.
Do you need to be worried about your existing tokens?
- If you have your keys protected, you should not be worried. Make sure if you have an account with 2FA to please enable it.
- If you have purchased the tokens at the token sale or at any exchange, then there is nothing to be worried about.
- Only the criminals are targeted and they won’t benefit from the SWAP.
What if the SWAP will not happen?
- No change will happen, everything will continue as it is.
- The criminals will get away with the stolen CAS tokens.
- These criminally obtained CAS tokens can be dumped anytime in the market and most probably cause a further price crash.
Is this happening the first time in crypto?
No, swapping and forking are common events. The biggest example so far is the DOA hack. The Ethereum Foundation decided to vote and due to the result of that Ether was hard forked. Swapping can also happen due
to many other reasons, such as migration from one chain to another. In an example, BNB is now migrating from ERC20 to the Binance chain, Kim Tokens is swapping to Kim Chain. There is nothing to feel uncomfortable about the situation.
How will you get new CASHAA tokens (Only in event of SWAP)?
- The Swapping process may start on 18th June 2019 at www.cashaa.com(it’s a tentative date)
- CAS (existing tokens) will be sent to burn smart contracts.
- If your tokens are present at MEW/MetaMask/hardware wallet/Cashaa wallet/any decentralized wallet, you will receive 1 CASHAA for 1 CAS(1:1) at the same address through which you send your tokens to burn contract.
- If you have CAS locked for the Cashaa plan it will be unlocked after voting to send to the burn contract and new tokens will be locked on the same address, to not disturb your staking plan.
- If you have tokens at any centralized exchange, withdraw them to your Cashaa account and complete the KYC before sending the tokens to the burn contract.
Note: In case you are not able to withdraw your tokens nothing to worry about, we can credit an equal amount of new CASHAA tokens which is present at the exchange into your Cashaa wallet. However, you will not able to use that tokens for Voting.
- You have to send only 0.1 CAS, Do not send the complete CAS.
- Please withdraw your tokens from the exchange and move it to your Cashaa wallet or any on-chain wallet. Votes sent from an exchange address will not be counted.
3. If you transfer your tokens to another address after voting your vote will not be counted.
4. Do not share your private key with anyone even claiming to be a member of staff, Cashaa never asks for any holder private key, anyone asking for your private key or requesting to show your MetaMask or any wallet through screen share is A SCAMMER.
We request you to use your right to vote, do not wait for others to decide what you want.
The Cashaa Team
The Next Generation Banking Platform