[Update: Oct. 04] Elongate crypto tokens lost or missing for many, issue under investigation

New updates are being added at the bottom of this story…….

Original story (published on October 02, 2021) follows:

Elongate crypto tokens are part of the Binance Smart Chain that involves charity work. Basically, it’s a way through which you can donate using cryptocurrency. All you need to do is just hold your tokens to earn rewards.

When you make transactions using Elongate, a certain amount is rewarded. And the company burns tokens that increase holders’ token value.

This service was working fine until some of its users started reporting an issue in the wallet section. As per the reports, the users have found that their Elongate count in the Trust Wallet has dropped significantly.

This left the users with panic and they were helpless. But fortunately, the officials have acknowledged the bug and assured the users that there’s nothing to worry about.

I decided to check my Trust Wallet just now and I noticed my ElonGate count has dropped about 50 million, give or take. Has anyone else had this happen? (Source)

I lost tokens as well so I look forward to the solution on this – thank you. (Source)

During the initial investigation, the company noticed an unexpected side effect in which the tokens have been sent to burn wallets from all the on-chain wallets. The he users of BitMart and LBank were not affected though.

As a result, a total of 50 trillion community tokens were burnt and the burn wallet balance jumped to 488 trillion from 438 trillion. While the share of everyone from the circulating supply was the same.

Furthermore, the company is conducting a code review to go into the depth of the cause. Also, they have decided to find ways to reward everyone as a way to compensate for the losses.

Currently, it is not known as to what piece of code is responsible for the auto-burn of the tokens and the company is still investigating.

This issue seems a big matter of concern not only for the consumers but also for the Elongate itself as it can cost them their goodwill. Although, the company will elaborate on the whole scenario once it finds the cause and settles the issue.

Being a user, if you are also facing a sudden drop in your Elongate wallets then feel free to share your views in the comments below.

We will update you on the further development of this story as soon as anything new comes to our notice. Till then stay tuned.

12:06 pm (IST): Elongate now says it has developed a solution that should help restore everyone’s lost tokens.

We have developed a solution for the token error. It will happen automatically with the launch of the bridge to Ethereum. Read on to find out all the details.
Source

Featured Image Source – Elongate

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