• Market Cap
    $371.445B -0.50%
  • POW Market Cap
    $283.108B 2.75%
  • POS Market Cap
    $19.276B 0.40%
  • Masternodes Market Cap
    $1.207B 0.56%

CryptoBridge Update on Azart (Double-spend issue)

By Rafał - 2019-02-07

Azart Blockchain on 25th Jan 2019 became victim to a double-spend attack. Despite the requirement of 20 confirmations for deposits on CryptoBridge, the attacker succeeded in crediting 312,754 fake Azart coins and instantly sold them for BTC, leaving CryptoBridge in fractional reserve.
According to the listing terms and policy of CryptoBridge, the project affected by such exploit is required to repay the lost amount so that the users are able to withdraw their assets and are not affected by it. So, in this case Azart is responsible for providing compensation. These terms and policy were made clear to Azart before listing and even after the attack to which they essentially agreed. A swap was also suggested so that no greater sum of funds would be used other than what would be required in the form of labour to incur less damage.
 

We attempted to resolve this matter with professionalism and civility, however, the @AzartPay was unwilling to reciprocate. The bottom line is that we will protect our users. https://t.co/KM1Uw8jrMn

— CryptoBridge (@CryptoBridge) February 6, 2019
 
However, in defense, Azart claimed that it was an error and liability from the side of CryptoBridge to correct and posted inflammatory posts with false accusation on the BitcoinTalk.org forum and the CryptoBridge subReddit. Although, they are not able to produce any credible evidence to support their accusation and are clearly not supportive with the any legal proceedings.
Azart has eventually decided to proceed with the coin swap as discussed originally and are ready to compensate the users through another gateway and will swap AZART for DEXAS.AZART. CryptoBridge has transferred the remaining of the wallet balance for the swap, however haven’t received new coins from Azart to replenish the supply. No reasonable semblance of communication and cooperative solution to pursue the swap could be established between AZART and CryptoBridge and the two have probably fallen apart.
CryptoBridge in its recent post has made a statement that “Azart has effectively run off with our users’ coins” and despite the claim of AZART to compensate everyone, not all have received the compensation. CryptoBridge has thus decided to absorb the damage incurred by the attack and will be working to resolve the differences in the balance as soon as possible to maintain the highest customer satisfaction and user experience.
For more information on the part and evidence links related to the matter, visit https://crypto-bridge.org/2019/02/05/azart-update/