MintPal Resumes VeriCoin Transactions

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MintPal Resumes VeriCoin Transactions

ForexMinute.com – MintPal, in collaboration with the VeriCoin developers, did a successful roll back on the coin’s blockchain, in response to a security breach that took place on July 13th this year. Following the “reverse transaction”, the VeriCoin withdrawal operations were restored.

The exchange had already informed customers about this hard fork. Their statement reads:

“The VeriCoin that you hold on the MintPal exchange will be unaffected thanks to the VeriCoin developers. As we previously announced, the VRC developers have worked tirelessly to perform something never before done by a cryptocurrency and rollback the blockchain in order to reverse the two malicious transactions.”

On the other hand, customers didn’t take this step down the throat and question the credibility of both MintPal and VRC developers. “MintPal should pay the expenses suffered during this breach rather than bring VRC to its infancy,” commented one of the users on Reddit while discussing the possible impact of this hardfork on the coin’s reputation.

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MintPal and VRC developers cited a possible 51% attack as their key reason to implement a hardfork on the entire blockchain. However in the whole process, nobody discussed the amount of VeriCoin that might have been stolen from the exchange. A news report from CoinDesk.COM meanwhile mentioned them to be in the millions, predicting that the robber currently holds 30% of the total coins in existence. In the end, the hardfork seemed like the only possible solution to resist a thief in turning into a main actor of the coin’s PoS network capacity.

Users can download the new wallet fromVeriCoin’s official website. They are also recommended to back up their old wallet, while deleting every other file. You may find the wallet in your username\appdata\roaming\VeriCoin folder. This recommendation is only for Windows Users.

Mac Users are also given to follow the same steps as above. The only requirement from them is to copy these two files in this directory as well: http://www.vericoin.info/downloads/vericoin.conf
http://www.vericoin.info/downloads/bootstrap.dat.

Both Windows and MAC users will see a splashed screen for 30-60 minutes, while the whole blockchain will load up.

Visit here to know more.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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