The CoinMetro Hack and the use of PARSIQ Technology to minimize the impact and recover the stolen funds

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Hacks and stolen funds in the crypto sphere are a common thing. However, the technology to mitigate these attacks is not being left behind.

Early yesterday at 5:30 a.m. the team of Coinmetro crypto-exchange was alerted about some suspicious activity on some of their hot wallets. This was possible because of automated monitoring using PARSIQ technology. The crypto exchange was able to spot the problem in time and lock down the system. Coinmetro’s cold wallets were not affected and the hack impact was minimal due to the fast measures in place by CoinMetro and PARSIQ.

The hacker tried to steal large amounts of different cryptocurrencies from the exchange hot wallets but only a small fraction of these made it way out of the exchange, thanks to the automated monitoring provided by the PARSIQ platform. PARSIQ was able to spot the problem with the withdrawals and alert the crypto exchange instantly, preventing the major part of the funds in the hot wallet to be stolen.

Coinmetro crypto exchange posted a statement on their Telegram channel.

The stolen funds in yesterday’s hack included PRQ tokens. 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. This process is like reverting the blockchain at the stat it was before the hack happens. PARSIQ’s blockchain snapshot technology is also helping to recover tokens that were stolen from the recent KuCoin hack.

The team at PARSIQ utilized their advanced technology to do a snapshot of the blockchain of their token holders before the KuCoin hack. This snapshot has all the addresses with any balance and the exact amount of tokens on each address at the time before the hack.

PARSIQ is also helping other projects recover their stolen funds.  It has already taken the snapshot of

NOIA Network and CarVertical and will take snapshots for the other 152 projects. And will upload it on a  public landing page.

The PARSIQ team already has a plan to recover the PRQ tokens stolen in the CoinMetro hack despite the fact that it was difficult but possible.

The difficulty was to save the Uniswap Liquidity Providers. Those Liquidity Providers were advised that they have to take off the liquidity from the decentralized crypto exchange. As a result, a large portion of the liquidity was taken away from the Uniswap exchange.

PARSIQ was already planning to migrate their PRQ token to a new contract and release Epoch 2.0 token utility features, and the incident caused by the yesterday’s hack accelerated the migration to the new contract.

The new contract will incorporate some of the planned features.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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