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GRNGrid’s AMA regarding recent security breach
Recorded: Jan. 9, 2024 Duration: 0:47:48Space Recording
Full Transcription
So that more members could join us.
Please stay with us.
Okay, I think it's a high time to just like start then.
Let me just add Fred to the speaker panel first and I'm quickly gonna start this piece.
Happy Tuesday, everyone.
Hope everyone is doing good.
Let me just like see if Fred is here.
Okay.
Okay.
Okay.
Bye.
so i think that we are good to go now uh
okay so our directors are already onto the speaker panel uh good evening everyone thank
you for joining us today on this twitter space session uh to discuss uh the recent security
bridge of uh grn grid sales wallet uh we've been getting a lot of messages to our social media
handles we understand uh we definitely understand the concerns and the questions that have uh arisen
following this incident and uh yeah get uh today we are here to address them openly and transparently
as we've been always transparent uh through our telegram as well uh so yeah to address the issues
we have invited our directors john and fred to the speaker panel they have already joined us
uh guys you guys are most welcome to the speaker panel hi fred and john
hi rima how are you i'm doing good happy to stay to both of you hope you both are doing great
yeah we're doing great well not so great of course but yeah manageable yes so uh well thank you very
much for introducing um well today yeah we're gonna talk about the security bridge indeed um so uh well
maybe it's a good idea that uh if uh some members in the community now have some questions uh well they
raise their hand raise your hand yeah so you can yeah so you can put them in line to ask the questions
because uh of course it's uh it was a scary event for everybody also for us it was really but yeah
unexpected of course always unexpected but but uh like the the uh security breach is uh not only happening
for us but it could happen for everybody and it's every time to to speed up and be a step ahead
uh for those people who are trying to to to to interfere and uh yeah sometimes uh it worked uh so at this
time uh they did and well maybe uh people if they have some questions just just uh uh ask them we will
answer them uh of course we also uh gather some questions from uh twitter space uh from people who
who already put them there so we already have them here and we can answer them but maybe it's good
to do just to give everybody a chance right yes absolutely so i have uh already uh opened the speaker
panel so far uh john but since like uh we have just recently updated about our space so i think like
the most of the members have not joined us yet though there are plenty of members i feel like
still some are left probably to join or uh like to ask the questions we haven't got any uh one who
have requested at the current moment so before like taking any speakers forward uh i would just like to
discuss some major concerns uh with youtube with our team members uh so yeah let me do that uh would that be
okay john we're just like yeah sure so yeah yeah thank you so much and then uh i just uh uh in the
previous ama uh we did mention uh some unhappy sailors right that we did mention about that and then when
uh um i just like to know when was the bridge discovered and why is there a discrepancy in the
timeline between the cell of discovery uh and the official priest release that we have done so far
because we have been getting a lot of question about this from our uh members as well so i would
like you to address this issue yeah sure well we have a protocol right so um we have a part of the tokens
is a part of the circulating supply which is used to uh well to develop and put marketing and everything
up front and a large amount of tokens is locked and uh if you can see in the tokenomics that the
locked tokens are unlocked every six months partly depends depending on which part of the of the tokenomics
so um the the wallets uh are of the uh lock talk sorry uh tokens are uh in a vault so
normally nobody can see it nobody can access it of course everybody can see uh the wallet name because
there's there's only one with 500 million tokens uh it's open on on the polygon scan and also the other
uh wallets but uh it was not possible to to uh uh uh well they are not on exchange it's it's it's it's
it's a closed environment it's a cold wallet it's cold storage so uh it's not that we look at them
every day we have a two weekly protocol to to watch them and to check it but not every day so it was
in between so at the first of uh uh january we saw that and it was in totally a lot of tokens and two
wallets were compromised um and immediately uh in the first place uh i thought it it's not possible so
how can somebody has all those access uh uh yeah all those passwords uh and it got in and it's
unbelievably possible but they did and they they first transferred uh matic uh as as a gas fee to the
to the wallets and a few seconds later in parts uh they took out uh rgs
so uh like uh it was like some everything falls apart because when somebody steals it it was a
total amount of 42 million tokens uh that's quite a lot maybe not uh if you look at the total of one
billion but if half of it is already locked for for the nodes for the future so uh it's a lot
uh so i thought well all right let's uh let's uh grab the the the security protocol and follow the steps
uh how to uh uh well how to detain the problems we might have and that's what we did yeah
yeah that's what we did uh fred would you like to add to that i mean yeah the bridge was discovered
late in the process due to uh the am i audible guys yep can you okay yeah so yeah the bridge was like
discovered pretty late right in the process due to the absence of the notification regarding this
uh unauthorized transfers from the uh wallets uh which is definitely outside the uh gr and associations
control uh but yeah we've been getting a lot of questions that uh why there was uh there was
not any action taken prior i mean on the like very on the first dates of the december as well
well i can can add to that one so this it's like uh the wallet itself is not giving a note
okay let's say can you hear me yeah yeah yeah you're okay uh yeah okay great so uh i mean it's
not like you get a notification you know things are transferred from your wallet etc because then
of course you will say well i didn't do any action so what happened really so then there's also like uh
we have to track and trace it's before actually that we already saw some some uh indiscrepancies in
there then we started looking into what could it be but then of course you don't think about a theft
because it was very was apparently done very meticulously and very you know it's not like uh
someone this first time they do this because it was you know sending matic and then taken out from
a wallet which you you know hopefully you think that is cannot be compromised right so that's the
general idea behind it and then it was discovered that uh you know some tokens were taken out and then
taken to a wallet address and then that wallet address send it directly to the uh exchanges uh it
was a bit stupid i would say as well because normally if you feel something you put it through a
mixer let's say so you you'll cover your tracks right so now it's quite obvious to do put it to
more wallet wallet address and then direct it to the exchanges because all exchanges have to do kyc so
they know that yeah they know who received from a certain wallet into their into the hot wallet from from
let's say bitmark or lbank etc we cannot see what is underlying in their range of wallets but we
can inform to the exchanges please this is a wallet that has been used by a thief right and then please
block that and that's what we did and then we immediately informed the authorities uh since we're under
swiss jurisdiction we have to inform the swiss authorities uh and we've informed the authorities in
sue who've already registered this and then uh you know now of course the exchanges have put a block
on it they can only do it for a certain period of time uh between 72 and 96 hours uh depending on the
exchange but then uh a confirmation is to come from the authorities to them to say like well we received
this complaint please continue your block on this specific wallet and then uh they will have to disclose
the name or the details from that person to the authorities we're not allowed of course to to know
because it's an ongoing investigation and once that investigation you know has proven grounds to
you know to start in you know uh you know questioning to involve us as well then we will likely know who
you know who the culprit is and then uh continue on with the you know police for the court case as well
yeah yeah absolutely and uh the people who've been asking if like this bridge would affect the timeline
of the new listings uh i just like to know i just like you guys to know that exchanges have been
informed and we're just like waiting for their feedback before proceeding with the new listings uh
have we got the feedback yet fred well the exchanges they of course are you know very uh collaborative
on this because you know all the exchanges understand that a project does get damaged by uh by this
happening but they also came back with the ideas you know help to help us etc and from our side with
the support that we got from them and also knowing that we still are in good talks with the future
listings we don't see that this will stop any activities that we've already discussed before
christmas before new year's uh during our last ama we continue onwards and then of course we
we take learnings from all of this and learnings to uh improve our security and safety and also to
ensure that uh we you know this will not happen again right i mean never say never but now you're more
guarded and armed for the future as well yeah yeah so fred uh we do have a speaker already online let me
just like add him to the speaker panels yeah you could just like put his question forward hello
uh okay he's already on the listener panel now okay i've added another speaker now uh as shish nelly
um um still showing some sort of issue
okay war army hello
let's see the name sounds familiar from the last amas but maybe some technical issues i recall from last
time as well oh there you go war army can you hear us
nothing audible though
okay he's he's added there but still i mean there is an issue from hello war army are you there
looks like there is a let's go to the next one let's see if it yeah so uh please do speaker
he's already there hello war army can you speak please
uh we can't hear anything fred can you hear no i cannot hear anything i can hear you but
can't hear anybody else
yeah i'd just like to request you to go back to the listener panel and request us again or
probably fix your speaker uh okay let's see let's get back to what we were discussing then uh fred
uh how was the circulating amount still at 130 million despite the adjustment mentioned in the
announcement recently yeah so as john mentioned as well there's 130 million initially in circulation
right beyond that we have the association has not released any further tokens but the tokens were
taken or stolen from one of the wallets which is actually according to tokenomics would be released
at certain intervals as well the timelines based on the project movement etc uh so those are actually
now blocked because they're blocked by the exchanges uh as well until further notice but then since
there's circulating supply when it comes to sales and to from the green association to to add on to
the exchanges etc because the exchanges need to have a certain supply available from their side
in case someone wants to trade buy or sell right because it's always a selling and a buying mechanism
so they need to have greens available so there is also we've fed back some of those available greens
of course into uh a locked wallet into uh into the vault of the association so that means that again
there's 870 million uh locked but there's 130 million in circulation but 42 million of them are sort
of locked anyway if that makes sense yeah yeah it does okay i think war army is there now hello hello
hello hello yeah am i audible yeah it's your audio finally yes please sorry for the before i i my mic is
gone my mic had damaged so i changed it okay no problem no problem okay please put forward your question
um my question is that how does the team plan to get the trust back uh trust back from the post
hacking event and any buybacks buybacks or anything uh getting the trust back is is always a lengthy
process right so it's always easier to gain new client than restore faith from an old client uh you know
you have to work a bit harder but that's our ambition right we set forth the plans for this year and then
we you know our ambition is to put more efforts behind it and more you know uh well i can't say we're more
transparent than we are because that's almost impossible but it's also more about the amas
that we will do also with the technical team then involved and to more you know lift a bit of the veil
from you know what we're doing in the background and also more announcements to really you know show
people that this in the background things are working and you know can be disclosed as well
uh then when it comes to i think you mentioned about the uh could you repeat part of the question
there's one war me hello yeah i can hear yeah i didn't get it yeah any buybacks or anything like
how how are you what what are the plans for you to get the trust back of the investors and the
partners okay okay yeah so i asked answered the first part of the question about the trust i mean
of course it's a continuous process that we have to do right i mean people are that we cannot please
everybody all the time because we're doing our best to deploy the project that's our main ambition
of course during the time there's the thing with price investors have bought in in an early stage at
a certain price people see okay my value is down but of course you have the same amount of tokens
that you have so the idea is of course to get the price up to uh you know to the same level or
beyond right but our ambition is of course to reward those initial investors by you know making sure
that the price goes up but the price doesn't just go up like that because you know money needs to be
put in to actually buy back uh some of the uh open orders that are standing there still you know causing
some sales pressure then of course marketing behind it market making and then also new listing
because new listing will of course mean that there's going to be new buyers new holders as well
and you know along the way uh because we want to of course reward the initial investors but on the
other hand we don't want them to just sell when they reach a certain price point out now have my money
back or made a small profit we also want the people to believe in the project and to see that it's just
more than you know a money making machine for them but also like we're doing something good for the
environment we're doing something for what blockchain has not been doing to date right and also stand
behind the projects and of course gradually you know say well now i want to sell a bit of my my shares in
this project to uh to reward myself because you know your initial backer and then we would definitely
appreciate your initial involvement and your continuous backing as well
yes i hope we were able to address your question war army yeah thank you thank you thank you
yeah you're welcome yeah
okay so we do have another speaker online shayesh neely uh hello hello hello welcome to this piece and
please put forward your question yeah ma'am how many gk tokens were sold ma'am and how there have
been any amount that were recovered from the accounts from they were present present yeah so i can answer
that one so 42 million tokens were stolen from the green association wallet they were moved to the uh
to the exchanges and then we have asked the exchanges to put a lock on that wallet address that was
responsible for leading it to the exchanges and then when it comes to sales it's hard to see what has
been sold or what is still there because they put a full lock on that wallet address for now
did that answer your question sorry did we
i think he's muted yeah ma'am thank you
okay okay so we do have another speaker online as well uh jack is there let me welcome him to the
speaker panel hello jack uh hi everyone hope everyone's doing good uh actually my question is
pretty similar to uh what was asked by the guy earlier like you know if if you have contacted the
exchanges for example bitmart that you know freeze the account of the guy and that we have been hacked
uh uh aren't they updating you guys you know about the process how many uh crypto did that wallet have
like was all of it moved over after being sold or was there some part that was left there
like you know such kind of information the intrinsic details of uh of that account owner uh well we cannot
disclose because of course there's a level of privacy that they have to adhere to as an exchange otherwise
you know in default and what they also have to do is like since it's been uh criminal offense
a complaint has been raised towards the uh the authorities in switzerland they will have to report
back to them and to fully collaborate with this police investigation which also means you know mentioning
what's on that wallet you know amount of usdt any type of other tokens green tokens of course amount
that they've sold and all the details so then it becomes part of the police investigation which we
we cannot really influence but we're we trust that it's in the good hands of the collaboration between
the exchange and between the police authorities uh okay uh one more question how did you guys you know
find out that the person belong from sudserland i mean like is it compulsory that you have to report
to swiss authorities is it because that you guys originate from there i mean your projects uh foundation
is from there or you know what's the link behind uh reporting it to the swiss authority yeah the association
is is the safeguard of the project of also holding the tokens right uh and it's based in swisslands that's
why since the the theft is from a account belonging to the green association in switzerland you will
have to report to the swiss authorities as well to sort of have the legal framework and from there
on i mean if the culprit is based let's say in uh i don't know uh uae or in france or in netherlands or in
i don't know japan then they will have to find out by the information that they get from the from the uh exchanges
okay uh and uh could you uh could you maybe repeat uh the timeline part of you know when the first
transaction you believe happened because i tried to look at on chain i couldn't uh you know find
much because there were five to six transactions which uh which were you know which were large in number
but i couldn't connect which one is what and uh when you guys got to know that you know this happened
this has happened like how many days after because i i remember a couple of guys were telling that you
know uh there's a dump happening but like i was not sure and even someone is was now texting in the
telegram and saying that you know it is ongoing although you guys have told that the account of the
uh perpetrator has been frozen yeah so uh the all the changes have been informed they will uh we
followed all the extractions all the uh the transaction ideas to the uh hot wallets polygon hot
wallets of the exchanges and then they blocked everything so when someone says it's still ongoing
then you know either an exchange they have to point out we should change of course because then
we can take action if someone sees something that is not in order we of course have to listen to
community because the whole community is our collective watchdog as well right if something is
not right then we have to follow it as well and then the exchanges have a pledge to lock it in between
72 to 96 hours from the time of reporting and it's been reported uh since the first and second of
january depending on the exchange as well and then they have already received notice that the police is
investigating it they've already confirmed that they've prolonged it temporarily until they get
the official letter from the police because they need to adhere to this official police statement as
well yeah and uh okay one last yeah please go on yeah i just wanted to note as well i mean uh for the
police we're you know the information is is proof is of course important to get them just to acknowledge but
as you know as well for you know for police officers for criminal investigations this is not always on
the top of the list unfortunately right they would you know look into murders and other things rather
than digital assets in their case but we know that they're working on it and we're also very close
connected to the swiss ecosystem where we have already gathered uh support from people that have been
through this before and also know which steps to take because it's it's always a new thing to do you don't
do this on a daily basis get hacked right so we have to learn from others and join forces as well
and the exchanges also told us that the blocked wallets mainly stay blocked because the people who
see that stole money and they will not say well unlock it because then they have to go into detail
so uh hopefully uh we can extend it for a long time uh during the investigation and uh well hopefully we
get it back but uh for now the the total supply is not uh interfered uh you can see as if they are locked
but they are locked now at uh at the exchanges where they're stalled uh but it's the same because we can't
touch them uh and nobody can touch them at the moment so it will not interfere uh all right uh one
more question uh you know uh the whole fiasco the whole thing that has happened how is it going to
affect the future listings with the centralized exchanges that you had planned you know does it
hamper it or do you guys have solid partnerships you you think you can you can get over over it and
maybe you know flourish the community eventually well yeah that that question was already asked or uh
but but i will address it again uh well we informed uh the exchanges we we already listed on of course
because it's also for them uh very important to to stay on top of it uh and we have uh the informed
the exchanges we are planned to list on uh in january and february or march but um where we well it's of
course it will affect uh uh timeline but not decision because uh it's about the project um and now of
course we have some uh uh well the price is a little bit more down and less more volume but uh they are they
we notice them uh uh the whole event and we're waiting for for approval from from their side so
it's at this moment we we can say there there are two tier one exchanges we're talking to there's one
already approved but uh with this we have to wait for the final uh approval from them uh all right uh
thanks guys for your answers thanks for your question jack
thank you so much jack for your question uh let me uh okay there is our very uh regular
community members from our telegram griff uh he has asked if this will impact on potential listings i
think we have already addressed this question but uh also to reiterate for uh we will also because
now it's recorded of course we'll share the recording so people can listen in but there's also a few
questions that have been posted before that we can also uh add to the community as sort of the q a
right so they have a detailed description of the of the answers to their questions
yeah yeah yeah exactly okay uh if anyone wants to come over the speaker panel and just like request us
for the uh for any sort of concerns that you guys are having about our recent security bridge please do come
uh okay uh we don't have uh more speakers at the current moment john and fred uh
okay so uh we've been getting a lot of question about like about you guys have already addressed this so
i i don't think we we should be addressing this more i mean how will the project rebuild the trust for
the investors and community obviously like efforts will focus on strength strengthening the token price
and volume through listings what like uh fred and john has already told this and also uh introducing the
new uh grn grid project team and also uh conducting a lot of probably uh technical ames forging uh in
impactful partnerships and enhancing the token utility uh as a whole right
so uh okay we do have another speaker now then uh say she's there uh hello she's
hello are you there
hello
hello hello she's uh can you hear us are you there you are still uh muted
no let's move on because otherwise everybody has to wait and if he is audible we can pick it up again
yeah okay war army is still there i don't know if he has made more questions would you guys want to like
ask us like address his question question again or what do you mean what we can do we can uh
discuss the questions we had in the telegram right so we just walk them through yeah yeah yeah yeah sure sure
okay
so uh another guy he asks uh if we have get the copy of the police report that we filed
if we have a copy yeah uh we have the you know the uh information that had been sent and received from
from the police end so we have a confirmation that has been received so a police report is
filed on their end we don't get a copy of that right but we happy to if anybody has a question you
know they can reach out to us individually we can share that information as well
yeah
so yeah saiz is here now uh hello saiz can you hear us
um hello hello hello yeah are you audible yes yes you are audible i think we have already like
taken him on the speaker panel right fred i don't know i think so i mean yes let us know if you have
a different question of course yeah let us know if you have another question for us yeah ma'am how
does the rm did achieve scalability while maintaining decentralization
wow can you repeat the question sorry can you repeat the question again yeah sure man how does
the rm did achieve scalability while maintaining decentralization
fred yeah i've understood it like let me just repeat the see if i understood it correctly
how to maintain scalability while retaining decentralization is that your question yes sir
yes okay uh well the decentralization is of course through more listings uh to more you know
more token holders so there's no whales uh uh appearing so the let's say only whales should be
until now of course the association which then releases tokens and to set intervals to the uh
exchanges into the community through means of let's say incentives airdrops etc until green grid is live
and then when green grid is on the test net uh with a few select partners that we already are talking
to then we can um you know utilize the token as of now but then when green grid goes live then there
will be again be a swap to an our native token as well because green grid is the the blockchain being
built but then on top of that you need to have a utility token which is then just a swap one-to-one
again which nobody will well of course we'll announce it but nobody will have to do any action
upon it it's more like the same as we did from the erc20 to the polygon network where we swap tokens
with through uh means of working with the exchanges and with the wallet holders together so then that's how
we push out uh decentralization by pushing out and opening up the um well for the future of course
for the main net we will open up the uh the node uh marketplace where people can apply to run their
node as well based on certain criteria and then roll it out and push it out even more
yeah but on top of that the partnerships we are rolling out during this year uh will give us access
to uh large communities uh large uh communities who will hold our token like uh people using our payment
solution uh for instance and getting uh points as g's as a loyalty system so all those uh uh expanding
of of of uh the community and holders who give us more uh decentralization
and then i stop thanks for that yeah you're welcome
thank you so much guys for your question okay uh john and fred who do guys like to add some more
things uh to the community uh well i mean uh ask more questions i think it's more like uh you know
more information about that we're you know still set for 2024 to make it the year of green
great and green uh not only for the price but also for the project because our primary target is
is obviously the project the price is you know not the uh lower priority but it's it's also a priority
that has to go hand in hand because without the utility the price will not go up either and uh
with the part without the partnership without the new listings of course uh you know things will not
happen in terms of price because we need more users we need more buyers and more holders of course in
the future so uh you know we're we're stand fast on continuing on what we're doing and then you know
and then something else i guess exactly exactly and uh uh like about preventing the future future
breaches i mean security measures have been escalated with the cold wallet securely stored in vaults right so
prozik would definitely be able to rebuild uh the trust with the investors and the community itself
since we have a lot of plans for 2024 a handful of plans right john
we have we have enough to talk about in the coming months that's for sure yeah absolutely
yeah yeah so guys if you still have some more questions then you guys are most welcome you can
request us onto the speaker panel and join us but i think um like moreover we have already addressed the
uh issues so far uh thank you all for your questions and engagement we understand the gravity of the
situation and uh kind of committed to taking the uh robust uh steps to restore the confidence and
security uh for the whole community for the grn community of course so yeah please stay tuned for
the further updates and actions to address these concerns as we have always said that your trust is very
very invaluable for us and we are just like so dedicated to earning it back to the transparency
and tangible actions and i i i hope we've been like we have succeeded on that so far for being super
transparent exactly and now so i like to add oh sorry oh just one just a small one just of course
don't hesitate to reach out to us individually if you have any questions of course right so uh some people
would put us in the group some people want to pose it directly whatever so we're we're always uh you
know welcoming requests or uh you know even if it's not let's say friendly uh request because of course
there's some people that are more unhappy than others so but we're all there to to address those concerns
right so we don't fear answering those questions
exactly john please add no what what i wanted to say is that uh soon we will uh present our new uh
technical team uh because there's a a new team that will take over from the old team to finalize green
grid uh at the moment uh and those guys uh i can't say the name uh i know they're listening now but
there are uh specialists in in security and they're involved in the largest uh crypto and banking security
projects so uh they will help us with uh preventing this in the this kind of events in the future so
that that gives us a good feeling and hopefully also for the community and we will have monthly or or
bimonthly uh technical uh amas for people who want to know more about technical or or security issues
in the in the development process so yeah we try to uh well we are transparent as possible and as fred said
just uh reach out if you want to uh to ask us something or do it in a dm or whatever uh sometimes
wisdom because we get a lot of dms so do it again uh or people who know me just call me and don't uh
hesitate just just do
yeah john uh i'm so sorry to interrupt you but there is a guy who has um i i i'm not sure if we
should uh address this question at the current moment but he asks like uh like before going uh i would
like you guys to address this question like he's asks uh where do we see that you are in token with the
price in 2025 well i could buy uh my ball well of course i think uh let's say the ambition was 2025 right
yeah oh sorry yeah 2025 yeah okay so you know considering that we're currently building green
grid and then you know testnet and mainnet should be live by end of this year then 2025 is the year where
everything goes live there's more utility cases being built upon green grid more daps more you know
more developers being invited uh that also means of course more listings on hopefully some of the top
five exchanges right uh and that will also you know build the price upwards so to say where the price
will end i mean we as our aspiration is to at least achieve uh the original listing price by then but of
course overachieve that right we uh we cannot promise that you know it's going to go to one
dollar or ten dollars etc we i don't think we should dabble in that one it's more like to to go back to
the the stabilizing price and bring it up uh by means of utility
yes so mohammad hope we were able to address your question as well
so guys until next time uh thank you so much for joining us and please feel free to ask any
question on our telegram channel or you guys can reach out to us personally as well our directors
are always there to help you out and even i am and other team members are there darren and patrick
uh so yeah till next time we are gonna do a lot of ames now so you guys will get a lot of a lot of
time to just engage with us thank you so much bye-bye and enjoy your rest of the tuesday night thank
you very much everybody thank you very much next time all right take care everybody bye
