This article was first published on Stories by Bitcoin Private on Medium
Since the report from CoinMetrics showing that a bad actor exploited a vulnerability in the BTCP fork mine code, we have been hard at work trying to mitigate the damage. In our official response, we suggested that BTCP could hard fork to remove all shielded coins in existence as ~1.7 million of them are illegitimate, while only 20k coins are legitimate. Since then, the community has overwhelmingly supported this action, however, we have not ignored those who could be affected.
First and foremost, we highly recommend that all users with shielded coins deshield them immediately until we proceed with our action plan. We have been monitoring the amount of deshielded coins in circulation and have not seen a dramatic increase which would suggest the bad actor is moving the illegitimate coins. Regardless, we recognize that some people may not see this notice in time and could lose their coins. To help these people, we are going to create a fund of 20k coins and anyone who can make a legitimate claim to have lost shielded coins will be reimbursed through this fund. To ensure full transparency of this process, we would like to be sure this process is managed by a third party volunteer instead of by the BTCP Contribution Team. If you wish to nominate and vote on this matter, please go to this reddit link and nominate/upvote people/groups you believe would be good volunteers for this process. We will leave this vote open for a month and ask the chosen party if they would like the manage the fund and process of distribution to afflicted users.
In good news, the code for a hard fork removing the shielded coins is finished and the hard fork will occur at block height 455500, which is approximately 1 week ...
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Stories by Bitcoin Private on Medium