Yesterday, DragonBite’s top management team led an AMA on its Telegram channel to come back to its IDO which took place on Friday, June 11th. It was the opportunity to update its community, give it further details on the tech issues the team encountered during the launch of its token and answer question from the participants.
A reward pool of 1,500 $BITE was set up and we are glad to announce the 8 winners whose questions were shortlisted.
They are invited to contact our admin to claim their rewards before june 25th:
Below is the transcript of the AMA
SubZero: We are now muting the Group for our AMA session
Today I am welcoming DragonBite’s top management team which includes Mickael Costache (CEO), Florence Ip (CFO), Andy Chen (Strategic Advisor) and Elvan Yau (COO) for an AMA ‘’Special IDO Recap’’.
Elvan | DragonBite 🐉: Hello Dragons
Mickael Costache: Hi everyone!
Andy Chen | DragonBite🐉: cheerio
SubZero: We are organising this event to give further explanations and bring more transparency to our community on the difficulties encountered last week during DragonBite’s IDO. Indeed, we were being attacked by professional scammers, equipped with sophisticated phishing technology and a large gang of imposters, we were one of victims of a organized scam. We would like to thank everyone for being present on our channel now and we hope this AMA will bring clarity and address most of the questions you ask yourself.
The AMA will be divided in 3 segments with 5 x general questions the team will answer followed by 4 questions extracted from Twitter and to finish I will unmute the chat for 3 minutes for our audience to ask questions. The team will pick 4 questions and answer them.
At total, 1,500 BITE will be shared among the owners of the 8 shortlisted questions (Twitter and Telegram)!
Let’s not wait any longer and start this Special AMA.
Hello Florence, Mickael, Andy and Elvan! I am happy to have you on the chat tonight.
Florence | DragonBite 🏵: Yes, we are happy too
SubZero: Could someone summarize what happened last Friday during the IDO before we move into more details just so the community has a better understanding of the situation?
Elvan | DragonBite 🐉: Sure
First of all, Thank you our CM for hosting us tonight on DragonBite Official Telegram Group.
Let me summarize the situation in a few bullet points:
- Our IDO was scheduled for Friday, June 11th at 4:00 PM UTC which is midnight in Asia.
- Few minutes after launch, at 4:00PM we noticed there were some technical issues on Uniswap V3 so we decided to migrate on Uniswap V2
- After migrating, one of our staff cut and pasted a DragonBite’s contract address on Uniswap and shared it to our internal CM groups. This address was then shared to our official Telegram channel.
- While we were connected to this contract address which was displayed on a screen in our office to follow the evolution of $BITE’s price on Uniswap, we realised after several minutes that this contract address was different to ours and the price listed there was incorrect. Indeed, the price was above average compared to what some of our colleagues could see.
- It took us some time to realise there were 2 different contract addresses, both started and ended up with the same letter and number but the middle of the address, which is hidden on Uniswap were different;
- We asked our tech team to lead further research and spent a considerable amount of time understanding what was going on;
- We tried to coordinate some actions to communicate about fake contract address and answer questions the community and private investors were asking us in private messages;
- This delayed the time for unmuting the channel.
SubZero: Thank you Elvan for this summary and I am sorry to hear you were scammed. So basically you shared the wrong contract address to the CMs who shared it publicly? How is this possible?
Mickael Costache: Yes our coms team went on Uniswap, landed on the scam contract address when they searched for DragonBite and shared it to the CMs. This was a human mistake (the team was busy solving the technical issue with Uniswap V3/V2 and it didn’t triple check the contract address) and this wrong address was only shared in the Telegram Official Group, not on Twitter as the CMs managing those platforms are different.
Here is a banner we created that shows the 2 contract addresses, the official one (ours) and another one created by the scammer.
They both start and end with the same letters and numbers, e.g: 0x4eed….. d88d — however the middle part is different. It’s pretty clever and well done because on Uniswap a contract address is not fully displayed, its middle part is hidden as you can see on the below screenshot. We were therefore duped by this scam and it took us some time to realise it.
For reference, here is the link to the correct DragonBite’s address on Uniswap:
SubZero: Thanks Mickael for sharing all those details. The fact we shared the wrong contract address had some serious consequences because many followers were dumped and were scammed . Can you tell us more about the scam and who has been affected?
Mickael Costache: It’s unfortunately well known that one of the most popular venues in the DeFi ecosystem, Uniswap, is a prime target for scammers. The fake DragonBite’s contract address hosted there uses the same project’s name and logo as ours. People can purchase the fake $BITE tokens there however they cannot resell them!
On June 11th, 73 ERC-20 addresses had bought fake tokens from the fake contract address and after investigation, we realised 55 real retail investors were affected by this scam.
Also while talking about scams, I would like to warn our community that fake DragonBite’s Telegram groups exist. We have found more than 15 fake groups promoting DragonBite (we regularly share those on our group to warn our community)! I have also been the target of scammers who are using my name and have contacted our team members over the past 24 hours asking for money. Here is a screenshot of one of the fake profile claiming to be me and the kind of message he has sent to our team members:
Please beware that no one from the DragonBite team will request our community to pay us or ask for help in regards to payments. The only time we may contact you is if you participated in an AMA and won $BITE. In this case we will ask you for your ERC-20 address.
SubZero: What is your message for the retail investors who have been scammed?
Florence | DragonBite 🏵: First we would like to apologize for having shared the wrong contract address and for the inconvenience caused.
Second, we have decided to compensate 55 unique wallets identified that bought the fake BITE tokens on June 11th after the incorrect link was posted. Each one of these 55 wallets has been airdropped the real $BITE tokens matching the number of fake BITE tokens bought. We hope this proves our deep commitment to each and every one of our community members.
SubZero: What tips would you give to the community so they don’t get dumped in future?
Florence | DragonBite 🏵: Always read our post in our official group here @DragonBite and do NOT go into the scammer group chats We recommend people to save this ⭐️DragonBite directory ⭐️ Dragonbite.hns.to which includes the Uniswap’s URL (which leads to the correct contract address): https://app.uniswap.org/#/swap?use=V2&outputCurrency=0x4eed0fa8de12d5a86517f214c2f11586ba2ed88d
And other relevant links:
- our Etherscan page when purchasing $BITE on Uniswap and which can be found here: https://etherscan.io/token/0x4eed0fa8de12d5a86517f214c2f11586ba2ed88d
- CoinmarketCap’s DragonBite page and find our contract address: https://coinmarketcap.com/currencies/dragonbite/
SubZero: Thank you Florence for those recommendations. There is another topic we shall address before moving to the 2nd and 3rd part of this AMA and which concerns the private investors. Why the tokens could not be claimed on time?
Elvan | DragonBite 🐉: As explained at the beginning of the AMA, there was a technical issue in the smart contract and therefore we could not launch on Uniswap V3. It took us some extra time to migrate to Uniswap V2 and when we realised we were getting attacked and scammed, our tech team was busy identifying and solving the issues. Also, we did not airdrop the token to the private investors, the distribution was done manually and deploying the new smart contract took 70 minutes. As a result, private investors are allowed to claim their tokens at around 7:30 PM UTC.
SubZero: Thank you Elvan. I think we have covered a lot regarding the DragonBite’s IDO, we can perhaps move on to segment 2 and 3 which is answering the questions shortlisted on Twitter and Telegram
**Questions shortlisted from Twitter**
1️⃣ @Emilyy2837: If you could summarize the IDO of $BITE using just one word, which word would you use?
Elvan | DragonBite 🐉: Unexpected.
2️⃣ @Mathiba77811175: What is Dragonbite, and why did you decide to start this project? In comparison to when you first started, how hopeful are you about Dragonbite’s future use-case?
Florence | DragonBite 🏵: Thanks Mathiba for your question. DragonBite is a decentralized ecosystem that puts the power of the cryptocurrency market into the hands of its users. DragonBite offers various products and services, catering to almost every aspect of the cryptocurrency economy, including a digital wallet, cryptocurrency exchange capabilities, loyalty redemption points, discounts/purchases with crypto, and more. Using the DragonBite application, users gain access to every feature they could need within the cryptocurrency market.
When looking at data for the following sectors, we notice that the market capitalisation for gift cards in 2020 was at $703 billion, $316 billion in loyalty points/mileages, $50 billion in gaming and $564 billion in cryptocurrency.
Therefore, we are very positive about the future of Dragonbite because DragonBite offers an innovative solution. If your loyalty points expire soon (or a small number of air mileage or any old in-game asset), why don’t you convert those scattered digital assets into Bitcoin or other Cryptocurrency? DragonBite offers you a very good opportunity to invest into a small portion (bite size) of Bitcoin with a very reasonable transaction fee.
And if you want to spend your crypto hosted on DragonBite Dapp, we will be launching the DragonBite debit card soon. If you are interested in it, we encourage you to Sign up now to get early access to it. To do so, go to our website and fill up the form in our home page: https://www.dragonbite.io
3️⃣ @ToskasArthur : When will an app be done?
Mickael Costache: Hi and thank you for your question. We hopefully aim to launch the DragonBite Dapp before the end of Q4. We are very excited about this Dapp because it will allow our community to manage all their reward points from supported loyalty programs in one place, exchange them against $BITE and access cryptocurrencies from it.
SubZero: Thank you Team DragonBite for all your wonderful answers.We will take the last question from the twitter community then open the floor for our telegram community
4️⃣ @ez2no104: What does the vesting schedule look like in regards to how many tokens are unlocked and when they are unlocked.
Florence | DragonBite 🏵: Last week we released an article about DragonBite’s tokenomic and emission schedule which can be found on our Medium channel at: https://dragonbite.medium.com/dragonbite-tokenomics-and-emission-schedule-f9fbefedc9f9
In regards to the private and launchpad rounds, please find the details below:
Seed Round: investors are able to unlock 10% of their tokens on Day 1, followed by a linear unlocking of their allocation from the end of month 1 to month 8;
Private Sales: participants can unlock 15% of their tokens on Day 1, followed by a linear lock from the end of month 1 to month 6;
Launchpad (Mantra DAO): participants can unlock 25% of their tokens on Day 1, followed by a linear lock from the end of month 1 to month 4;
Other Launchpad (DuckSTARTER and PolkaBridge): 100% of the tokens can be unlocked from Day 1 of the TGE.
Thank you all once again for your answers. It’s now time to unmute the chat so the community can ask further questions. The chat will be unmute for 3 minutes and then the team will select 4 questions.
**Questions Shortlisted from Telegram**
5️⃣ @Muthunayagam3: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Mickael Costache: Excellent question Madurai! Yes indeed — smart contracts are definitely vulnerable to bugs and I may add, scams as well. We feel very good about our smart contract and technology and contract was fully audited by our audit partner. In general, as our product evolves, we will keep putting security at the forefront of our priorities and constantly perform audits as we gain in sophistication. We are very thankful to have an amazing and extremeley reliable CTO in our team and we look forward to continuing building a state of the art product.
6️⃣ @Picapicachuu: What is the benefit for holding$BITE for long term and why
Elvan: Elvan | DragonBite 🐉: It would benefit you for holding $BITE for long term.
As I believe the success of DragonBite ecosystem and the value of $BITE aligns. It depends on 3 KPIs:
1) Number of merchants / partners
2) Size of digital asset pool
3) Number of users
The more merchants / partners would provide larger liquidity and hence an increase size of digital asset in our pool. The more assets supported for conversion, the more users would be acquired. These 3 KPIs would create a virtuous circle and as a result more transactions happen in DragonBite. More $BITE would be needed for transaction fee and as the demand increases, value rise. I am very confident in DragonBite and I believe we will grow with the community and get mutual benefits, investors definitely would get benefit from holding $BITE in long term.
7️⃣ @IraidaWarden: In how many ways does your project generate revenue? What is the revenue model? How can it be beneficial for both investors and for the project itself?
Andy Chen | DragonBite🐉: We have a total of 11 revenue drivers, which could be broken down into B2B and B2C income separately.
For B2C, we are a DEX for loyalty points and we make money through our members swapping their digital assets using $BITE — except the project target the entire population and not just crypto and there are far more loyalty points pair.
As for B2B, we charge merchants for tokenising their loyalty points and to use our portal to acquire new customers as well as do marketing. Finally, for exchanges, for help them distribute crypto voucher and acquire new customers from loyalty users. finally as everything will be paid.in bite and demand.of our token surges🚀🚀🚀
8️⃣ @Tirtho777: Sir, we’ve had serious issues with rug pulls from tokens lately and honestly, it’s nothing to laugh home about. My first question is, how secure are our funds with you? Are our investments safe?
Florence | DragonBite 🏵: Dear investors, thanks for raising this question.
As we have explained the technical issue that we had during our new token launching. We worked hard to fix the issue and overcome the whole incident.
We also offer a very attractive Staking rate to our investors so that they can earn more $BITE tokens.
DragonBite is an innovative project which will solve a trillion dollar problem for most of the loyal customer over the world.
We have confidence to bring many users onboard and grow the DrgonBite ecosystem in the near future.
The $BITE price will reflect the value of DragonBite ! We have confidence to our development and our future !
We really hope all stakeholders support us from now on.
Thank you for your support and patience for the past.
We will work hard to build the whole system and big coummunity
SubZero: Thanks you so much Team DragonBite for your time
With the four questions picked and answered we have come to the end of this AMA session, thank you all for joining us~ Group will now be unmuted😊
Mickael Costache: Thanks a lot for all your questions everyone!
DragonBite Announcement Channel
1. Madurai Thamizhan: @Muthunayagam3
2. Pica Pica: @Picapicachuu
3. Iraida Warden: @IraidaWarden
4. caka Laka: @Tirtho777
Winners please PM @SubzeroCM your ERC-20 wallet address ($BITE support) by 25 Jun✨