Bitfinex stops Metaverse ETP transactions – Another hack?

Bitfinex, a cryptocurrency exchange platform recently announced on Twitter asking all the users to stop all ETP deposits and withdrawals immediately as the Metaverse mainnet was currently under a sustained attack. As a solution for the same, Metaverse is coming up with a hardfork.

Bitfinex on their Twitter platform says,

“The Metaverse mainnet is currently undergoing a sustained attack. We encourage users to stop all ETP deposits & withdrawals immendiately until the proposed hard fork has taken place.”

The Bitfinex tweet warning users

A Hard Fork is a change made to the protocol that validates or invalidates blocks/transactions. Such an act requires all nodes or users to upgrade to the latest version of protocol software. This makes all the nodes running previous versions invalid. The reason for such an act might be because of these kinds of attacks.

The Metaverse main net is a relatively new platform in the world of cryptocurrencies, has been under an attack since 15th March. This is a decentralized platform based on blockchain that seeks to establish a new innovative system of Smart properties. It ensures a hassle-free platform where digitally valuable assets can be circulated freely.

Metaverse [ETP] is recorded as one of the best public blockchains in China. The platform provides users access to affordable and convenient transfer of personal data digitally in a secure and private manner.

Its emergence as a network was in 2017 and since then, it developed and grew and has been working tirelessly towards the vision of building a blockchain that combines digital asset and identity functionalities, trading full decentralization for the opportunities provided by Oracles and off-chain data.

It is clear that this is a deliberate and meticulous attack. To ensure the safety of the community, the Metaverse team announced today that they will have a hard fork on March 16, 2018 (GMT+8) at the block height of 1030000 and will release a fixed version within 24 hours from this announcement.

This will invalidate all transactions that happened in between this time-frame. They also said that this is done to get the consensus and agreement among the community.

Metaverse made an official announcement regarding the same, says,

“We strongly urge users to stop transferring any Metaverse ETP along with any token issued on Metaverse Blockchain. We sincerely apologize for any inconvenience caused.”

They also said that they will implement a permanent fix to prevent this type of attack from happening again.

And added,

“Protecting your assets is and has always been our highest priority!”

Phasok Lung, an investor who trades through Bitfinex says,

“Who the heck cares about Metaverse, but yea sure, thanks for the info. It actually just shows how vulnerable the security for a lot of tokens still are. Still evolving..”

Source: Read Full Article

Leave a Reply