We are pleased to announce that the Stohn Coin recovery fund became active on block 180000 as part of our recovery efforts from the recent security breach. This decisive action was taken following the unauthorized withdrawal of approximately 4 million SOH coins, which were subsequently sold, affecting our valued holders on several exchanges.
In response to this incident, our team was presented with two possible courses of action:
1: Take no action, leading to a significant number of our users losing their SOH holdings on the compromised exchanges, alongside considerable reputational damage to both the Stohn Coin project and the exchanges involved.
or
2: Issue compensation by creating 4 million new SOH coins, ensuring that all affected users retain their holdings, albeit at the cost of increasing the total SOH supply.
After careful consideration of the implications for our community and the Stohn Coin ecosystem, we decided that compensating the affected exchanges with newly created SOH coins was the most equitable solution. This decision was not made lightly but with the community’s best interests at heart.
The recovery fund was activated at block 180000, marking the beginning of the compensation process for the affected exchanges. We anticipate that exchanges will resume normal operations and open up for transactions once they have received their portion of the SOH coins.
Temporary Downtime for Some Miners
As part of this transition, it’s important to note that some miners may experience temporary downtime as they adjust to the new fork. We understand the inconvenience this may cause and are working diligently to ensure that all network participants can resume their activities as smoothly and quickly as possible.
We want to express our sincere gratitude to our community for your support and understanding during this time. The successful implementation of this fork is a testament to our collective resilience and commitment to securing the Stohn Coin network and protecting our users.
We will continue to provide updates as the situation evolves and as our recovery efforts progress.
