Bullit Statement & Update (Part 1)

Dear Bullit community,

We regret to inform you that one of Bullit’s wallets was compromised on Monday, March 6th, 2023 and sold on the open market causing a significant dip in the price of the BULT token. We are still investigating how this wallet possibly could have been exploited and have narrowed down the possibilities, but the investigation will be an ongoing process. The coins in the affected wallet were intended to be burned shortly, as they were part of an unsold portion of BULT from the original presale. It is for this specific reason, unfortunately, that this particular wallet did not have multisig protection on it. Again, to be clear, this was poor key management on our part for this particular wallet- nothing more and nothing less.

We assure you that all other BULT team tokens under team control are safe and in multisig wallets, controlled only by the directors of the organization.

We have notified law enforcement and centralized exchanges of the exploit and will do everything in our power to attempt to retrieve the funds.

While we realize this is very troubling for the community morale and short term price action, we want to be sure you understand this project will continue forward and ultimately this exploit will not define us and ultimately make a difference between our success and failure.

In light of this, we have taken a snapshot of the holders’ wallets just prior to the first transaction by the breached wallet for purposes of compensation to all affected.

As part of the compensation, we will send all of the newly released BULT team tokens to a new vested smart contract and lock them up for two years. We hope this demonstrably shows our long term visions and plans for Bullit despite the setback.

Beyond that, we also will rebalance our current holders’ and LP stakers additional BULT tokens via smart contract by a factor of 5X. For example, if you held 10,000 BULT prior to the exploit, you will be eligible to claim an additional 50,000 BULT. If you are currently staking BULT via the LP, you will also get a 5X rebalance of your rewards due.

These tokens will be vested for 24 months to avoid any market manipulation, especially since we are awaiting a centralized exchange listing soon. We will need to supply the liquidity back over time to stabilize the price, and in the meantime, we of course would appreciate it if you support the LP because all the buy-ins that come after this release will be beneficial for those who supply liquidity once this announcement is released.

Lastly, we want to remind everyone that the Bullit token’s max supply is 500M, (with 5M already burned and more to come) and it is not mintable. In other words, we can’t create any more than 500M BULT, ever! This means that by getting more tokens with this rebalance, you will have a larger position of ownership in the system and stand a lot to gain by simply holding BULT and getting the word out regarding our newest technology releases.

We know that this is a difficult situation, but we want to assure you that we are committed to the long-term success of Bullit, and we believe that with your continued support, we will be able to overcome this challenge and move forward together.

Thank you for your understanding and support.

Best regards,

The Bullit team