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Pirate Chain Discloses an Error in Crypto Exchange

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August 27, 2019

Pirate Chain Discloses an Error in Crypto Exchange

For Immediate Release

Pirate Chain (ARRR) is an open-source crypto-related project that any 3rd party business can utilize for the most anonymous and secure blockchain transactions in cryptocurrency. Pirate blockchain technology includes anonymous messaging through the seven seas wallet memo area and uses a privacy protocol that cannot be compromised by other users’ activity on the network. 

Pirate Chain was established with the primary aim of using privacy protocol to completely shield the peer to peer transactions of its clients on the blockchain thereby creating the opportunity for higher anonymity and privacy in blockchain transactions. Pirate Chain has earned a standing reputation as one of the leading most private and secure crypto-currency platform users can trust in carrying out anonymous and secure blockchain transactions. 

Not long ago, the KYC 'permissioned' crypto-currency exchange crypto-bridge, discovered an error in their implementation of Pirate coin (ticker: ARRR). Immediately after this discovery, the pirate community and the developers reached out to CryptoBridge to fix issues with deposits and withdrawals for frozen wallets; to ensure minimal losses. Unfortunately, all their efforts proved to be in vain because Crypto-Bridge would not respond to inquiries. 

The Pirate team eventually learned that the error was entirely due to a severe lack of understanding of privacy-focused blockchain technology and gross negligence by the Crypto-Bridge team

Recently, after several attempts on deciphering the problem, Crypto-Bridge found an egregious technical flaw in their accounting system allowing for a large amount of proxy-ARRR (digital representation) to be created out of thin air. As Crypto-Bridge repeatedly refused the Pirate team’s numerous offers of assistance, the origin of the bug is still unknown to the Pirate community.

At this time, it remains unclear if it was a hack or just a technical issue in the Crypto-Bridge platform. The bug identified on Crypto-Bridge platform is just another example of how flawed centralized systems can sting when using local token-based databases instead of the real coin. 

Statement from the Pirate Crew

“Finally, Crypto-Bridge has informed our developers that they basically created large amounts of ARRR on their internal records because of a flaw in their system. Unfortunately, this enabled clients to receive more coins than they actually had, allowing them to withdraw and dump ARRR across exchanges at whatever price they could get. “This is the most likely reason for the massive fall in value recently. However, it is still unknown at this stage how long it has been going on. Clearly, this doesn't have anything to do with ARRR as a technology; it is simply the Crypto Bridge exchange that created additional coins on their internal books.”

“Right or wrong, this will not look good for us in the short term. Therefore, given this situation, we strongly recommend that you stop depositing and trading ARRR on the Crypto Bridge Exchange with immediate effect. Our next step as a community is to delist ARRR from Crypto Bridge and put pressure on them on all fronts and also to refund legitimate ARRR holders” 

Based on the developments, at best, Crypto Bridge will halt trading, purchase ARRR at market rate on some other exchange and provide the correct balances for their clients. At worst, they will continue trading with the illegitimate proxy tokens (faux Dex) while the ARRR withdrawal problems compound and they lay the blame on the technology. 

The Pirate team is undeterred by Crypto-Bridge’s error, the community was forewarned as early as two months prior when the first issues with Crypto-Bridge wallets arose. Due to the recognition that Pirate Chain has received from well known privacy-centric cryptocurrency peers such as Monero and ZCash, many exchanges have listed ARRR on their own accord. The Pirate team continues to offer assistance when requested but does not regulate nor endorse any exchange.

Pirate Website: Pirate.black
Pirate Chain Support: Pirate.black/discord
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Please Note: Pirate Chain maintains a strictly apolitical stance. We neither endorse nor oppose any political parties, organisations, or individuals. Our commitment is to support all users of our platforms and services impartially and without bias.

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