A chain specifically designed to make others unable to clearly see transactions—it's preparing to delete 24 hours of history.. This is kind of interesting..
📢 盘面异动群里说
The version everyone sees is: “There’s a vulnerability, so we need to roll back”.. It’s indeed that kind of thing, but if you only read up to here, you’ll miss the most awkward part—the very entry point that’s causing the trouble is exactly the “door” it specially opened so more people could use it..
Over the past couple of days, a privacy-focused chain notified users to first suspend all economic activity involving its own token and confidential assets. The reason is an inflation vulnerability related to the “gateway address.” The team says there’s no choice but to roll back, and is preparing to erase about 24 hours of transactions that have already been confirmed..
This feature hasn’t been around for long.. On August 26 of this year, it was only launched alongside a hard fork at block 3,833,000, and development took more than a year end to end.. The goal was very straightforward: make it easier for exchanges, cross-chain bridges, and decentralized exchanges to integrate—previously, these service providers had to adapt from scratch to its private ledger system. Now there’s a balance entry point that can be read directly..
Now the problem is that entry point.. It’s possible that coins that didn’t exist were minted. The official hasn’t yet explained exactly how they were minted, but outsiders have pointed the finger at the code related to cross-type transactions.. What’s even more troublesome is the follow-up list: there’s no rollback height, no patch, no compensation process, and no mention of how many of those newly minted coins there are.. Fix first, diagnose later..
Things start to be different from here.. We’ve always treated “immutability” as the default attribute of the chain, but it never truly was the default—it just hadn’t reached the day when you *can’t* modify it. When that day comes, the question of how history is written is ultimately whether miners, validators, and nodes are willing to follow the new version.. The boundary of decentralization often only becomes visible for the first time on the day of an incident..
The reaction of the money is actually quite honest.. After the news spread, it dropped by about 20%, trading at just over $6—basically the market recalculated the chain’s “security premium.”.
And the bigger backdrop is that the privacy coin space has been really hot lately—so hot that the net assets of a spot ETF for a privacy coin have even touched a billion dollars.. But projects like this have been squeezed between two forces: on the outside, tightening regulatory frameworks; on the inside, constantly opening small loopholes in privacy so they can be accepted by exchanges and capital.. The capabilities to be used by more people and the capabilities to stay hidden have always been a trade-off..
What’s truly worth watching is what happens over the next two weeks.. First, how slowly (or quickly) they fill in the rollback height, patch, and compensation process—the longer it takes, the more it shows that this is more complicated than what was written in the announcement.. Second, the compensation step—if disputes begin to arise about “exactly how much each party lost,” that will be the chain’s real trust test, because proving what you lost during the period that got wiped out is inherently very hard on a ledger where even transactions can’t be seen..
The twist is right here.. If, in the end, the vast majority of people receive compensation, the market’s pricing for accidents involving smaller chains like this will only get even lower—so low that one day nobody will look.. Most of these things aren’t truly fixed; they’re mostly forgotten..
📢 盘面异动群里说
The version everyone sees is: “There’s a vulnerability, so we need to roll back”.. It’s indeed that kind of thing, but if you only read up to here, you’ll miss the most awkward part—the very entry point that’s causing the trouble is exactly the “door” it specially opened so more people could use it..
Over the past couple of days, a privacy-focused chain notified users to first suspend all economic activity involving its own token and confidential assets. The reason is an inflation vulnerability related to the “gateway address.” The team says there’s no choice but to roll back, and is preparing to erase about 24 hours of transactions that have already been confirmed..
This feature hasn’t been around for long.. On August 26 of this year, it was only launched alongside a hard fork at block 3,833,000, and development took more than a year end to end.. The goal was very straightforward: make it easier for exchanges, cross-chain bridges, and decentralized exchanges to integrate—previously, these service providers had to adapt from scratch to its private ledger system. Now there’s a balance entry point that can be read directly..
Now the problem is that entry point.. It’s possible that coins that didn’t exist were minted. The official hasn’t yet explained exactly how they were minted, but outsiders have pointed the finger at the code related to cross-type transactions.. What’s even more troublesome is the follow-up list: there’s no rollback height, no patch, no compensation process, and no mention of how many of those newly minted coins there are.. Fix first, diagnose later..
Things start to be different from here.. We’ve always treated “immutability” as the default attribute of the chain, but it never truly was the default—it just hadn’t reached the day when you *can’t* modify it. When that day comes, the question of how history is written is ultimately whether miners, validators, and nodes are willing to follow the new version.. The boundary of decentralization often only becomes visible for the first time on the day of an incident..
The reaction of the money is actually quite honest.. After the news spread, it dropped by about 20%, trading at just over $6—basically the market recalculated the chain’s “security premium.”.
And the bigger backdrop is that the privacy coin space has been really hot lately—so hot that the net assets of a spot ETF for a privacy coin have even touched a billion dollars.. But projects like this have been squeezed between two forces: on the outside, tightening regulatory frameworks; on the inside, constantly opening small loopholes in privacy so they can be accepted by exchanges and capital.. The capabilities to be used by more people and the capabilities to stay hidden have always been a trade-off..
What’s truly worth watching is what happens over the next two weeks.. First, how slowly (or quickly) they fill in the rollback height, patch, and compensation process—the longer it takes, the more it shows that this is more complicated than what was written in the announcement.. Second, the compensation step—if disputes begin to arise about “exactly how much each party lost,” that will be the chain’s real trust test, because proving what you lost during the period that got wiped out is inherently very hard on a ledger where even transactions can’t be seen..
The twist is right here.. If, in the end, the vast majority of people receive compensation, the market’s pricing for accidents involving smaller chains like this will only get even lower—so low that one day nobody will look.. Most of these things aren’t truly fixed; they’re mostly forgotten..
