Effective immediately, CazCoin is being delisted from the CryptoBridge trading platform due to the inability of the project’s developers to cooperate with our team following an exploit on their blockchain. Rest assured CryptoBridge will reimburse any affected users.
Beginning on August 01, 2018, the CAZ blockchain began to suffer exploits. The first of these was remedied with a hard fork and without any negative impact to the gateway or our users. While the developers were apparently aware and able to communicate this at that time, this was the last instance where they were cooperative.
On October 12, it was discovered by our team that several deposits had been invalidated due to another exploit on the CazCoin blockchain. When this was brought to CAZ developers’ attention, no substantive response was forthcoming other than for their request to disable trading. Doing so is not possible as this occurs on the BitShares blockchain, only deposit and withdrawal from the gateway are able to be disabled. This request is one indicator that the team was aware of their role in creating the liability.
What followed were no responses to our repeated requests to discuss how to manage this situation. Instead, we witnessed negative Twitter posts implying that CryptoBridge had intentionally invalidated these deposits with the intent to commit theft. Shortly after this time, when the situation was brought to their attention, one of the developers admitted that they were aware of the exploits and that they had moreover not informed us of the vulnerability. Following this, the team requested a delisting. More negativity and outright misinformation was presented by their team to the CazCoin community in their Discord.
After another request to either amend the blockchain or reimburse the funds, the CazCoin team agreed to discuss a solution. This message was the last response we were able to elicit in our dialog. The team members continue to speak with their community, but not with CryptoBridge. Meanwhile, the legitimate users have been left unable to withdraw due to the negative balance created by the blockchain’s exploit in October, 2018.
Being that the team is choosing to become entirely unwilling to take responsibility, we have decided to reimburse the funds to ensure the users are not left with the damage. We will announce when the withdrawals for CAZ are again available on our usual Discord, Twitter and Telegram channels.