Meitu Cease Cooperation With Beauty Chain(BEC)
Due to bugs on the ERC-20 based tokens, BEC and SMT have been exploited. Huobi resumed deposit and withdrawal of ERC-20 tokens earlier today. The bug sent a shock wave felt by the entire ecosystem.
In February 2018, Meitu said that the company’s oversea product: BeautyPlus were working with Beauty Chain on oversea promotion. In this way, Meitu circumvent the ICO Ban imposed by the authority last September. However, the bug exposed this time might force Meitu to cut links quicker than expected. After the cooperation is terminated, Meitu reiterated that it does not and will not issue any digital currency.
OKEx has been very helpful in cleaning the aftermath.
“In order to protect investor’s interest, we agreed with the OKEx that the trading (of BEC) will be rolled back to 13:18 on April 22, which means all trading with BEC after that time will be cancelled. Digital currency used to purchase BEC will be returned to the source account. Meanwhile the original contract will be cloned on the new contract to ensure that the number of BEC holders before this time will not be affected.”
Below is the full statement from Meitu:
Effective immediately, BeautyPlus, the oversea product of Meitu, will terminate its promotion cooperation with Beauty Chain. After the contract is terminated, Mietu and Beauty Chain will have no cooperation of any kind.
Meitu reiterated that the company’s focus on blockchain technology is to explore the cutting-edge technology itself and is still at an early stage of research. Meitu does not and will not issue any digital currency.
April 25, 2018
Below is the statement from Beauty Chain Foundation.
Beauty Chain (BEC) Notice
On April 22, 2018, the Beauty Chain Foundation, through an emergency negotiation with the OKEx Exchange, provided a plan for the exchange of exchange transactions and the new smart contract mapping of the Beauty Chain. The progress of the three issues that we are currently concerned about is as follows:
1. on the exchange rolled back the BEC transaction:
After continuous communication with the OKEx exchange, the exchange issued the latest announcement at 17:00 on April 24. Since the rollback transaction involves more work, we are working out a comprehensive rollback plan with the exchange, and the specific rollback time will be announced separately. The contents of the OKEx Exchange announcement are as follows: https://support.okex.com/hc/zh-cn/articles/360002944212
2. About the new smart contract mapping work:
The new smart contract for the Beauty Chain is ready and undergoes a layer of security audits. The next step is to start the mapping of data on the chain. Specific steps are as follows:
● Take a snapshot of Hong Kong time at 15:55:45 on April 22, 2018 for balance mapping: Completed
● Create a new security audited smart contract: Completed
● The balance of Hong Kong time 15:55:45 on April 22, 2018, is mapped to a new smart contract on the 1:1 basis. The attacker’s account balance will not be mapped: did not start
● The mapping process will depend on Ethereum’s transaction congestion and it takes an estimated 2-3 days to complete: Not started
Regarding the problem of checking in the mapping process, based on the cooperation foundation of the Beauty Chain and Bec Wallet, after we communicated with the Bec Wallet, the Bec Wallet will support this mapping process for the first time:
● During the mapping process, the user can view the balance of the new contract (BEC2) through Bec Wallet (by adding asset BEC2)
● For a certain period of time, the Bec Wallet will show two coins: BEC and BEC2. The BEC is the old coin and the BEC2 is the new coin.
● After all the BEC mappings are completed, the Bec Wallet will only show the BEC of the new coin.
3.on the exchange reopen the BEC transaction:
Since restarting the transaction requires reliance on previous transaction rollbacks, the time to restart the transaction will not be announced until the rollback plan is determined. We apologize for the inconvenience caused by the suspension of the BEC transaction.
Beauty Chain Foundation
April 24, 2018