Elephant Money…the Comedown and the (Possible) Comeback
As some of you might already know, the Elephant Money ecosystem suffered an exploit which drained $11.2 million from the system. The exploit is a tragic blow to a system that looked promising and sustainable. The developers, led by Bankteller, has been working hard to fix the exploit and bring the system back online. It is very hard for any crypto project to recover from an exploit, and there is no guarantee that Elephant Money will recover. Investors of course are rooting for BT and team, so they can recover the millions of dollars they stand to lose if Elephant Money joins the crowded dustbin of failed crypto projects. Only time will tell if they can pull it off.
The details of the attack is explained on BT’s Medium account here for those interested in reading about it. BT has vowed to bring Elephant Money back and has been transparent, providing regular progress updates on his Medium page. So where are we now? The Elephant token, which was flying high before the exploit, is down about 80% since the attack. This is a bargain price for those souls brave enough to buy.
The staking platform and Stampede bonds are still running, and you can still stake, compound and withdraw TRUNK — the Elephant stable coin used for staking. TRUNK is currently selling below peg because of the exploit. This presents an arbitrage opportunity whereby investors can buy TRUNK and hold it for when the price goes back to peg. This should happen when the system is back up and running. TRUNK price is now $0.88, which equates to a 12% arbitrage profit once it goes back to peg.
BT has been working with a number of outside sources including audit and other cybersecurity firms to relaunch Elephant in a safe and strong way. We certainly hope he is successful. Elephant’s tokenomics are strong, and it could become one of the best DEFI projects if BT and crew can make the code safe from the bad actors in the crypto space who seek to pillage and plunder good crypto projects. For those not yet in the Elephant system, now might be a good time to take a look at this project, which is priced way below the highs reached before the exploit.
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This article is for information and educational purposes only, and nothing stated herein is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits, or losses you may incur as a result of this information. Please do your own research and due diligence before making any investment decisions. The author has made every effort to ensure accuracy of the information in this article, but makes no representations or warranties, expressed or implied, to its accuracy, completeness, timeliness, or correctness. The author may own cryptocurrencies discussed in this article.