Official Statement from ENTC Foundation CEO Allen Kim
Greetings,
I am Allen Kim, the CEO of the ENTC Foundation.
I sincerely apologize for the concern caused to our users and partner exchange stakeholders due to the unforeseen security incident that began on April 29.
First and foremost, as the CEO and a responsible leader of the foundation and project, I am committed to providing a clear explanation regarding the immediate actions taken and future measures. As of today, we have confirmed that the inflow of tokens to major exchanges and the freezing of hacker assets have resulted in no significant direct damage due to the suspension of deposits and trading functions.
Additionally, we have verified that the assets corresponding to the tokens sold by the hacker within the exchanges have been completely frozen. (We will provide the exact figures in cooperation with the investigative authorities.)
Through the guidance of the ongoing emergency measures issued by the foundation, we aim to conclude the situation transparently by providing a public timeline.
Apart from the official stance of the foundation, I, as the CEO and leader, would like to address couple things to our users personally.
Four years ago, I started this project with the sole determination to create a leading project in South Korea, wondering why there were no transparently operated Korean projects without being merely "paper companies."
Throughout the operation of the project, we have always strived to improve and develop, receiving both praise and constructive criticism from our users, which has led to significant growth. My personal belief is to "achieve what others deem impossible," and I have dedicated myself to ensuring the smooth progress of the project. I have consistently managed the project conservatively, refusing to compromise with the prevalent injustices in the market, despite often being criticized as old-fashioned.
Recently, due to the hacking incident, there have been numerous comments that Korean projects, often referred to pejoratively as "Kimchi coins," should not be trusted. I am determined to break this stereotype, and I am steadfastly committed to navigating through this challenge. It is with a heavy heart that I acknowledge the current situation arose during the user reward and team compensation processes.
However, I assure you that we have not rested for even a single hour and are doing our utmost to prevent further damage, if any, with promising avenues emerging for a rational resolution through asset swaps and the recovery of hacker assets.
As the CEO of the foundation and as an individual who lives without shame, I will collaborate with investigative authorities and partner exchange stakeholders to take responsibility and restore full functionality of the project, achieving our goals together with our users.
I will not avoid any responsibilities related to this incident, nor will I offer any excuses or justifications. The resolution of the situation and a responsible process will be our utmost priority. All procedures for resolving the situation will continue to be conducted openly and transparently, and the process for user compensation will also be thoroughly communicated to ensure our users find them acceptable.
Now more than ever, the foundation and the project need the support of our users. I sincerely implore you to recognize that this foundation does not operate without responsibility. We will definitely demonstrate a sensible and rational process for resolving this situation and continue on our path.
Sincerely, Allen Kim CEO, ENTC Foundation
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