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The incoming bull market for crypto will completely look different than the previous one. This is mostly because two different bull markets simultaneously play out over the next 12-18 months. The usual crypto suspect, Bitcoin, will lead one of the bull markets. The other one will involve capital rotation from new projects and protocols where the underlying products are being used and increasing in value.
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👉 Want to learn more? Find the continuation on https://bit.ly/345vMDS

A lot of things happened after the CoinMetro hack. The situation was unclear not only for users or external viewers but even for us ourselves. So, let us describe the sequence of events in this post so you would be able to see the whole picture.

Also, we describe our next steps for every group of users affected by the incident.

Everyone who lost funds in the Poloniex incident and were not refunded by Poloniex, please read the blog post and follow the guidelines, should you choose to accept: https://blog.parsiq.net/coinmetro-hack-poloniex-and-next-steps/

Privacy and traceability are two opposite sides in the cryptocurrency world and from what we can see – different markets require differently tuned setups between these two factors. The cryptomarket is growing and, hence, the demand for businesses to be able to prevent itself from dealing with illicit actors. This is where solutions like PARSIQ step into the game.
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👉🏼 Visit https://blog.parsiq.net/how-parsiq-helps-protect-whalesheavens-transactions/ to learn more

A lot of things happened after the CoinMetro hack. The situation was unclear not only for users or external viewers but even for us ourselves. So, let us describe the sequence of events in this post so you would be able to see the whole picture.

Also, we describe our next steps for every group of users affected by the incident.

Everyone who lost funds in the Poloniex incident and were not refunded by Poloniex, please read the blog post and follow the guidelines, should you choose to accept: https://blog.parsiq.net/coinmetro-hack-poloniex-and-next-steps/

Privacy and traceability are two opposite sides in the cryptocurrency world and from what we can see – different markets require differently tuned setups between these two factors. The cryptomarket is growing and, hence, the demand for businesses to be able to prevent itself from dealing with illicit actors. This is where solutions like PARSIQ step into the game.
⠀
👉🏼 Visit https://blog.parsiq.net/ to learn more

Feel free to ask questions that concern you most and look for answers every Friday on our medium.com/parsiq blog 😉

CoinMetro Hack Mitigation, PRQ Token Migration: FAQ

We get tons of questions after CoinMetro was hacked and we took measures to mitigate the consequences. We tried to collect the most frequent and important ones and answer them in this post:

https://blog.parsiq.net/coinmetro-hack-mitigation-prq-token-migration-faq/

Besides, we have successfullty migrated to the new token. The new PRQ token contract address is 0x362bc847A3a9637d3af6624EeC853618a43ed7D2.
Also, see it on Etherscan (https://etherscan.io/address/0x362bc847a3a9637d3af6624eec853618a43ed7d2).

PARSIQ Restored Uniswap PRQ Liquidity Providers Funds

As you can know from our previous posts, CoinMetro exchange was hacked, some tokens were stolen, including some PRQ tokens. To secure our token holders’ funds, we asked CEXes to freeze deposits and withdrawals. Also, we announced migration from our old PRQ smart contract to a new PRQ contract to prevent the hacker from dumping his tokens.

To distribute the new token to the old token holders, we took a snapshot on the block 11008759, timestamp Oct-07-2020 01:05:28 PM +UTC. The new token has been distributed automatically according to the old token balances at the time of the snapshot. Besides, we took measures to secure our Uniswap liquidity providers funds.

We have just fulfilled this plan almost successfully. Please, see the transaction: https://etherscan.io/tx/0xd970066d5e6068cdcc6812f2666620385c0e5b6c81f5cbdceb6e2f7260aac833

See the details in the blog post: https://blog.parsiq.net/parsiq-restored-uniswap-prq-liquidity-providers-funds/

Liquidity Pool for New PRQ Token Created

To mitigate CoinMetro hack, PARSIQ has migrated to the new token. Please see the details in this FAQ blog post (https://blog.parsiq.net/coinmetro-hack-mitigation-prq-token-migration-faq/).

A group of our private sale participants were asked to provide liquidity to the new PRQ Uniswap pool. So, you are welcome to trade new PRQ tokens on Uniswap.

The current official PRQ is the new PRQ token. Its contract address is 0x362bc847A3a9637d3af6624EeC853618a43ed7D2.

The current Uniswap pool is this one:
https://app.uniswap.org/#/swap?inputCurrency=eth&outputCurrency=0x362bc847a3a9637d3af6624eec853618a43ed7d2

You can also see it at DexTools pool observer: https://www.dextools.io/app/uniswap/pair-explorer/0x64cac8fa24f437ceca90e20a7a24a609f162b0d1

Please, don’t buy old PRQ at the old pool! These tokens are not supported by PARSIQ any more.

Blog post: https://blog.parsiq.net/liquidity-pool-for-new-prq-token-created/

Before performing the token hard fork, PARSIQ team reached out to all centralized exchanges to disable deposits and withdrawals. This allowed for the trading on the books to continue within those exchanges (since the balance on exchange wallets does not change after the snapshot and will be restored in the same amount). Which is the reason why trading on centralized exchanges, including Poloniex was deemed safe, after getting confirmation from Poloniex team that deposits are disabled from 11:25AM (EST) at 6th of October.

Unfortunately, some users were still able to deposit the now obsolete PRQ to the exchange and sell it to other users for a low price. The price drop on Poloniex was not caused by panic selling, it was caused by arbitrageurs using this loophole in Poloniex deposits to buy old worthless PRQ from Uniswap for almost 0 and sell on Poloniex at a price range of 0.01-0.03 USD.

Trading was halted eventually, but as a result Poloniex exchange wallet now has a deficit of the new PRQ token. Up to this time, we did not know the decision Poloniex was going to make to rectify this situation. Finally, we received Poloniex's position going forward:

"We have identified the users who were able to deposit PRQ into Poloniex after snapshot and have implemented a plan to recover assets for users that purchased pre-swap PRQ tokens after the PARSIQ network snapshot. In cases where we were able to reverse trades without negatively impacting the trade counterparty, we did so and have issued a USDT credit to purchasers."

"In addition, we have distributed the PRQ for the new token contract to all of our eligible users that held PRQ at the time of our snapshot. We have now re-enabled our PRQ wallet using the new token contract and re-opened the PRQ/USDT market in post-only mode."

The situation is unfortunate, but Poloniex exchange has appearantly implemented a plan to recover assets for users that have yet to receive their USDT credit. Please be patient.

The quick actions of both PARSIQ and CoinMetro prevented a bigger attack, as the hacker tried to withdraw large amounts of various cryptocurrencies.

However, PARSIQ’s real-time monitoring technology spotted the anomalies in withdrawals and alerted the CoinMetro core management, who locked down the system, preventing a large-scale theft of funds.

👏🏻 Thanks to the Cryptobrowser team for an in-depth review:

https://cryptobrowser.io/news/parsiq-helps-coinmetro-exchange-prevent-a-bigger-hack/

The stolen funds in yesterday’s hack included PRQ tokens (https://etherscan.io/token/0xfe2786d7d1ccab8b015f6ef7392f67d778f8d8d7?a=0x990924d51c6ea6e212cce6e811b380ffd44ac350). The PARSIQ platform has used a blockchain snapshot in order to hard fork their token contact. The stolen funds will be restored to the token holders before the hack.

📌 Read the full article on The Crypto Time:
https://thecryptotime.com/the-coinmetro-hack-and-the-use-of-parsiq-technology-to-minimize-the-impact-and-recover-the-stolen-funds/

Quick reminder

DON'T BUY OR SELL CURRENT PRQ TOKEN as of NOW. On the moment you read this announcement the hard fork has already been performed, and your current old PRQ balances are meaningless. All the balances will be restored via new token contract within a day.

PLEASE BE PATIENT.
We understand the conserns you may have, but the team is doing their best to mitigate the hack ASAP.

READ THE ANNOUNCEMENT CAREFULLY.
https://blog.parsiq.net/parsiq-takes-measures-to-mitigate-coinmetro-hack-and-secure-uniswap-liquidity-providers-funds/

Popular cryptocurrency exchange CoinMetro suffered a security breach in the early hours of yesterday, with small amounts of cryptocurrencies, including PRQ tokens, stolen (https://t.me/coinmetroupdates/601) from the exchange.

The hackers would have made away with more funds if not for PARSIQ technology that alerted CoinMetro of the ongoing hack, prompting the exchange to act swiftly to mitigate the potential loss.

📌 Please make sure to read the details:
https://coinfomania.com/coinmetro-suffers-security-breach/

On October 6th, 2020 at approximately 5:30 a.m. Coinmetro team was alerted to suspicious activity on some of the exchange’s hot wallets via alerts and triggers in place with PARSIQ technology.

Please read the latest article about the situation on Coinspeaker:

https://www.coinspeaker.com/parsiq-crypto-hack-victims-recover/amp/

PARSIQ: Measures to Mitigate CoinMetro Hack and Secure Uniswap Liquidity Providers Funds

Key Takeaways:

- PARSIQ tech was instrumental in preventing the hack of the majority of assets held on Coinmetro hot wallets

- PARSIQ applied the same tech as we did with the projects that were affected by the Kucoin hack and are migrating to a new token smart contract to make the funds of the hacker obsolete and not allow him to affect the market, every holder will receive the new swapped tokens 1:1 with the balances of the old token

- This ties in well with our smart contract upgrades that we were planning (which we now expedited because of this incident) as well the new tokenomics which will be unveiled this month.

DON'T BUY OR SELL CURRENT PRQ TOKEN as of NOW. On the moment you read this announcement the hard fork has already been performed, and your current old PRQ balances are meaningless. After that, all the balances will be restored via new token contract.

PLEASE BE PREPARED FOR THE (FALSE) FLASH CRASH ON UNISWAP.
Please be patient. This flash sale will be made in the very next moment after the hard-fork to save the remaining ETH in the liquidity pool. The saved ETH will be restored to their rightful owners on the new Uniswap contract.

Please read the official announcement here:
https://blog.parsiq.net/parsiq-takes-measures-to-mitigate-coinmetro-hack-and-secure-uniswap-liquidity-providers-funds/

🔥 How to simplify and automate your crypto accounting
https://blog.parsiq.net/how-to-simplify-and-automate-your-crypto-accounting/

PARSIQ Q&A #3

Every Friday PARSIQ team answers your most important questions. Join our Telegram chat to ask!
https://medium.com/parsiq/parsiq-q-a-3-6739a5a99198?source=social.tw&_branch_match_id=771335905648833984