• Forum has been upgraded, all links, images, etc are as they were. Please see Official Announcements for more information

Mintpal - successful attack on VeriCoin, lost a considerable amount

DrkMiner

Active member
https://support.mintpal.com/index.php?module=announce&sec=view&id=17

"A few hours ago we were unfortunately the subject of a successful attack against the exchange. Our investigations have shown that whilst our security was breached, VeriCoin was the target. We would like to stress that VeriCoin and the VeriCoin network has not been in any way compromised. We have worked to secure the exchange and the withdraw process from any further attack.

As it stands at the moment the following applies:

1) We lost a considerable amount of VeriCoin in the attack, however we have been working with the VRC developers and all major exchanges to hard fork the coin at a position before the attack. This will allow us to retrieve the stolen coins and facilitate all withdrawals. We are also working with various exchanges to accommodate any losses they may encouter as a result of the required fork.

2) We are currently processing withdrawals for all other coins.

As I'm sure you will appreciate, our support channels will most likely be very busy over the coming hours/days so please bear with us.

We would like to personally extend our thanks to the VeriCoin developers and the other exchanges who have pulled out all of the stops to ensure that your VRC funds are safe."
 
As for Mintpal they are doing everything right to minimize damage to the exchange, but for Vericoin this is a huge impact, to roll back the blockchain bebcause someone has stolen coins....

Not sure wether VRC will survive this.
 
holy shit? that's worth 3k btc...

The VRC crowd are taking it as a compliment that someone did it.... like the coin is great if someone considered attaching it.

lets say you lost big money trading the coin, so after the roll back you will be getting all your coins back?
What if you bought VRC from someone means you lost them?
Doesn't make sense!
 
Last edited by a moderator:
Why would you fork? Errbody who bought after the attack will lose their coins.
Well, this works because Mintpal contacted all exchanges and made them to stop deposits/withdrawels and said they will reimburse any losses exchanges have during the rollback.
 
Well, this works because Mintpal contacted all exchanges and made them to stop deposits/withdrawels and said they will reimburse any losses exchanges have during the rollback.
Still... rollbacks are something huge for a coin... I think I would not do it if I were the devs, but I understand that they are in the weak spot right now.

EDIT: on second thought, 30% of the coin stolen is a death sentence for any coin (how the fuck can 30% of a coin end up stored at an exchange is something I can't understand... especially of a PoS coin!!!), doing this is probably the only thing they can try
 
Last edited by a moderator:
Well, this works because Mintpal contacted all exchanges and made them to stop deposits/withdrawels and said they will reimburse any losses exchanges have during the rollback.

Still really REALLY stupid "Hey accept our coin but if you do and an exchange is hacked we'll roll back and you'll lose your coins AND be out your merchandise." Granted this won't really affect merchants who immediatley convert to fiat but still, it's kind of ironic the more of a believer you are in this coin, i.e keeping your sales revenue in VRC, the more you are about to be screwed by it. Also many coin conversions don't go through an exchange, I know I personally did some large DRK exchanges myself with the rollback those other people would get screwed.

It's not like the 8 million VRC where destroyed mintpal was just hacked, the coins are still out there. Rolling back the coin is just stupid it's like if someone stole my identity opened a credit card as me and bought a bunch of stuff, I then get a bill and call the credit card companyey got hacked and they say "we are cancelling the card don't worry you are not liable for fraudulent purchases." The credit card company then goes on to call every store the person bought stuff at and says we need money back from this purchase, sorry your out money/merchandise but too bad. This would never happen, in that case the credit card company eats the fraud.

Mintpal should also eat the fraud, they got hacked it's their fault. Mintpal should decide to either take the MASSIVE hit to their reputation or sinking some of their MASSIVE profits into VRC and buy 8 million to refund their customers, it's that simple. Asking a coin to rollback due to your negligence is beyond stupid it's unconscionable, did c-cex ask darkcoin to rollback after it's hack? The developers argreeing to a rollback are equally unscrupulous.
 
Back
Top