Mountain Defi Begins its Recovery after Theft of Funds

On 31st May 2021 at 12:07 GMT, we regrettably discovered that a member of our development team had purposefully withdrawn all funds from the dev wallet without the knowledge or consent of the other owners of Mountain Defi. As soon as we became aware of the incident, we immediately informed the community at 12:13 GMT, 6 minutes after discovering the breach.

In addition to the misappropriation of funds, our Twitter account was deleted along with our domain registration, rendering our website MountainDefi.com inaccessible to users. These actions were taken to thwart our ability to rectify the situation quickly and protect the investors who have placed their trust in us. Unfortunately, it has also caused us to take longer to recover from the situation as we scramble to reinstate everything whilst trying to keep the community informed about our efforts at the same time. At the time of the incident, we had reached a Total Locked Value of over $750,000.

Thankfully, the taken funds were recovered by late afternoon due to the wonderful diligence, detective work and cooperation from our community, leading to the return of 66.8 BNB. This project continues because of the loyal supporters who have remained behind Mountain Defi and have inspired us to power through this setback. We appreciate each and every one of you and we will not forget this. The Smart Contract for $COAL was unaffected by this incident & holder funds remain safe and secure. However regrettably, the person who committed this act immediately sold all of the coal generated from the transactional tax since launch (the tax is to support the necessary marketing and development required to grow our yield farming platform), resulting in a drop in the price of $COAL along with a significant sell off by holders of $COAL who were understandably apprehensive about the situation that had unfolded and the security of their funds.

Since we launched Mountain Defi, we have committed to full transparency as a team about all activities and we hope this is evident in our actions. We truly and sincerely care about the financial interests of our investors, our valued stakeholders in this project. We apologise that this has happened and for the effect it has had on the short-term price of $COAL.

This incident came as a massive shock to us, particularly since the person in question was a trusted member of the team, and there had been no internal disputes.

In light of this incident, the remedial actions we have taken are as follows:

· We have a acquired a new domain www.MountainDefi.net which is now live.

· The individual who committed this act has been removed from the team.

· The address for the receipt of the transaction tax has been changed and is now fully secured.

· Multi-sig approval to be implemented shortly on dev wallet for all expenditure. This will prevent any individual to transfer or spend funds without the consent of all 3 project owners.

The next actions to be taken in the development of Mountain Defi (unrelated to this incident) include:

· Implementation of $COAL price/market data on homepage

· Countdown timer until harvest

· Redesign of website to improve user experience, including the integration of much better graphics (homepage lump of coal, I’m coming for you!).

If you have any questions about Mountain Defi, please join the conversation with us at Telegram (https://t.me/MountainDeFi). Let’s try and focus on the future now, the developments we have planned for this project along with the innovations we intend to bring to the yield farming market.