Vericoin – Bailout Mintpal Mistake With Extreme Measure

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This week was very interesting , in special  when we speak about Mintpal Incident of which Vericoin’s funds were stolen because of a huge lack of security on that platform  . So far nothing new considering that other exchanges had similar problems and other survived paying their debts to users like C-CEX.COM and other ones like CryptoRush who also suffered a major hacking situation similar to Mintpal’s .

Now the logic should be that Mintpal will take this problem in their own hands . But we all know Mintpal it’s a script kiddie team , so we won’t expect much professionalism from them . So Vericoin Development Team had to step-in and take an extreme measure , Blockchain Rollback .

VeriCoin Development Team took the decision to FORK the blockchain at a position before the attack and reverse all transactions and as results all Mintpal stolen coins were retrived  .

Why do I think this is not a fair decision ?

It’s simple my friends . This means that no matter what they are doing it , can be always an excuse to rollback the blockchain . And we are already going to see an ABUSE OF ROLLBACK .  If Black Coin did that when they got hacked , it would have been fair ? I don’t think so .

Mintpal staff it’s now relaxing with a cocktail laughing at all investors, and how they fooled down the system itself and not having to pay for their OWN mistakes . It this seems right to you ? NO ! This hacking would have helped remove a bad exchange from this market . Hacks like this are meant to help investors and weeding out the bad exchanges like , Mintpal .

What we know about Mintpal ? They are UK based  , they are having a big lack of communication , introduced paid-votes in industry (bribe) , passive-aggressive Staff . So why worth bailing out ? Well as Vericoin Development Team communicated , it was all to help out Vericoin Investors and not Mintpal mistake & business . Keeping the coin alive and its investors safe from hacking .

But one day i hope some regulation will come upon these exchanges , clearing out the bad weeds like Mintpal and keeping good exchanges on the efeet .  Also cryptocurrencies that do block chain reversal should be under the question mark as they might do that at every mistake that they are doing which it would be un-fair for most of cryptocurrencies in the market .

Imagine that a user would have transferred 10k Vericoin, to Bittrex before this event and sold them after for Bitcoin , guess what ? Now it has all it’s Vericoin back and Bitcoin in its pocket ! I am pretty sure that this situation really happened .

Did Bitcoin RollBack it’s Blockchain when MT.Gox got hacked and had over 500.000.000 $ in damages ? Quick answer : NO . Why ? To keep Bitcoin integrity intact .

TRADE SAFE & STAY AWAY FROM SHADY EXCHANGES – Our advice for today !

About Author

Full Name : Razvan Gabriel Paun , Owner of 24/7 Crypto News . Cryptoenthusiast , Bitcoin Fanatic . If you want to contact regarding any information you can email : office (at) cryptobuzzing.com . An active member of the Cryptocurrency Community, and enjoys collecting, trading, and writing about various coins & Bitcoin latest news .

  • Whome

    Awesome article

  • Kamil

    Hard to not agree with statements:
    BTC – Gox
    LTC – BTC-E
    Doge-Online wallet
    BC – Crypto rush
    DRK -,,,
    ….
    after that lesson VRC community know that is better keep coins on mintplal than “safe” in home if you lost coins at home there will be no roll back… on mintplal it can havr hope to retrieve it in rollback… this is joke from p2p currency people from my wiev…

  • amesterdamer

    It’s not a easy answer to give. Most of the community prefers the HardFork than let the thief with vericoins. If there where a consensus, the community would choose to make the Hardfork!

    YES – 114 votes (66%)
    NOT – 60 votes (34%)

    Also this is the typical case that, if they didn’t make the hardfork the news on the media would be “VeriCoin stolen from exchange… Crypto is dangerous!! be careful”

    Yes, they did an hardfork, but they decided to protect the coin, the community and investors from a major theft, a lot o innocent people would lose their investments with no assurance from mintpal that they would pay it… so yes, they did it and opened a new precedent in crypto… but as I said between all the bad options in the table they choose the better-worse one…

    And one reminder: VeriCoin was the victim not the guilty one in this!

    If you would like to leave you opinion about this you can leave your vote here:

    http://strawpoll.me/2108265

  • Lee Exley

    You can’t even spell properly or write subjectively, your article is gutter journalism at it worst, makes it quite clear to a lot of us reading that you have a problem with Mintpal in general.

    • cryptobuzzing

      We can spell better then most of US / UK natives . I am East European with a lot of French in my education . So I would let you decide on that as I wrote better then a lot of crypto editors out there … :)
      And second . Mintpal should have taken this bullet in full . Vericoin should have destroyed the stolen coins and Mintpal repayed with liquidation all damages .

  • Koros

    Try to get your facts straight before attempting to pose as a journalist.

    VeriCoin was not rolled back to bail out MintPal. It was not even rolled back to recover the stolen coins and return them to their proper owners. VeriCoin was rolled back to prevent a single entity from controlling 30% of the distributed coins.

    With that many coins in the hands of a single, clearly malicious entity, it would not be too difficult to gain 51% of the network stake and totally destroy the coin. Without the rollback, the fat of VeriCoin would be entirely in the hands of the loser(s) who stole the coins from MintPal.

    • cryptobuzzing

      They could have easly destroyed the coins . And make Mintpal accountable for this .

  • Kirk Brown

    And what would you have done? It’s easy to criticize when you don’t bring a better solution to the table. There was much more at stake than just Mintpal losing money. Don’t be ignorant.

  • CryptoLoot

    Article is premature, misinformed and poorly written.

    Agree that MintPal is run by monkeys. Mintpal is already extinct imho. The daily volume always amazes me because the lack of trading tools make MP an amateur exchange. Want to see lemmings dump a coin to death? Tune into MP.

    I am tired of the scammer scum that pollutes crypto and applaud VRC devs for making a decision and sticking with it. To hell with the thieves, I bet the blockchain rollback is the last thing they expected. Line up all these script kiddies, hackers and scammers and shoot them down.

    Crypto is still in its infancy so nothing that is “the standard” now will be around when crypto goes mainstream.

    Please dump your VRC when the new wallet is released today. We are standing by to relieve your weak hands.

    • cryptobuzzing

      Why it’s misinformed ?

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