SafeTrade is Back Online

SafeTrade is Back Online

New User Interface

At around 2PM Eastern Time on January 10 2018, SafeTrade was attacked and funds were taken from the exchange from a malicious party.

As soon as the team discovered this attack, we closed SafeTrade and informed the community via our official Discord channel.

In this article we would like to give a detailed explanation as to what occurred.

We are also happy to announce that SafeTrade is now back open for business and all customer funds are back in their account.

The SafeTrade Exchange is Back Online

We greatly appreciate the patience of all SafeTrade customers during this difficult time.

We know that there has been a large group of users who have been eager to start trading again; however it was important for us to ensure the exchange was secure before relaunching.

When the exchange was attacked, our priority was:

  • To protect our users
  • To investigate the attack
  • To secure the exchange and ensure no such attack could attack again
  • To secure customer funds for repayment

All customers have had their funds repaid in full. Thank you for your patience.

Please be aware that the order books have been cleared so you will have to add your buy orders and sell orders again. We apologise for any inconvenience caused by this, though it was a necessary step in our security process.

During the time that SafeTrade was offline, we made a number of security improvements in the backend. This includes significantly lowering the funds that are stored in an online wallet and securing most exchange funds in cold wallet storage.

You will also notice that we have significantly improved the exchange’s user interface. We hope you like it as much as we do.

Timeline of Attack

Over the last 10 days the SafeCoin team has been actively speaking with customers about the incident. We have also been posting regular updates in the Discord announcements room.

For the benefit of those who have not followed the incident on our Discord, here is a brief timeline of the attack.

January 10 2018

The attack occurred around 2pm EST.

In addition to a few million SafeCoin that were stolen, the exchange lost:

  • DOGE: 29,583 Coins (Approximately 0.017 BTC)
  • RVN: 15,99029,583 Coins (Approximately 0.055 BTC)
  • BTCZ: 3,341,800 Coins (Approximately 0.23 BTC)
  • BTC: 7.9 Coins

January 11 2018

The team performed a rollback on the SafeCoin chain to block 469630. The staff team also held a team meeting to discuss what happened and how we proceed.

SafeCoin founder Jeff Galloway spoke to authorities about the attack and an investigation commenced to determine what happened and where the funds went once they were stolen. Due to the nature of the investigation, we are not permitted to discuss exactly what happened in the attack at this time.

To help explain what happened to SafeTrade, SafeCoin team member Cameron published a video about the attack on his YouTube channel that detailed what occurred.

January 12 2018

A new wallet, version 0.33, was released by the SafeCoin team.

Following Cameron’s lead, I also gave an update about the attack on my YouTube channel and thanked the whole community for their support.

January 13 2018

Another team meeting was held to discuss the attack and ongoing investigation.

January 15 2018

An official announcement was posted by Jeff Galloway ensuring everyone that all customer funds will be 100% honoured.

Hello @everyone, I’d just like to provide a quick update, and again thank everyone for your incredible support and patience so many of you have shown.

We are working through the investigation process, and have now shifted our main focus to the recovery phase of SafeTrade, the part most of you will no doubt be most interested in.

Our Team has decided that we will resume not only full accounts, but full trading. SafeTrade’s infrastructure will be re-installed from the ground up, with additional appropriate security measures based on findings from our investigation, as well as a strict Digital Cold Storage policy.

SafeTrade had seen an incredible amount of growth in the last 2 weeks of operation, with many coin inventories such as bitcoin quadrupling in a matter of days.

While we are pleased with the rapid growth, we intend to be fully prepared for it when we launch. This means increased security and Digital Cold Storage Policy.

We are Very pleased to Officially announce that all balances and withdraws will be 100% honoured in all forms of currencies including BTC. Thank you for your patience, we simply needed to be able to have our statements backed up. That required Teamwork, Investment, and Time.

The withdrawls will, of course, from this point fall under cold storage requirements. Meaning that past certain size limits, manual withdraw will be required (expected within 24 hours).

Limit sizes may change over time, but we intend to adopt this policy permanently as we position ourselves for growth, and keep risk minimized and investors protected with controlled floats.

Simply put, we’re going to make things right, and we’re taking this opportunity to achieve the highest standards possible.

I would also like to Specifically thank those investors who made liquidity possible for all of us. You know who you are, and our whole community as well as communities who trade here, owe you a huge thanks

January 21 2018

SafeTrade officially reopens at 7:00am UTC Jan 21 2018.

Important announcement- As many of you know Safe.Trade exchange was compromised on January 10, and user assets were stolen. An investigation has been ongoing, including notifying proper authorities. After identifying the attack vector, we have updated the exchange to increase security, and will be enforcing strict digital cold storage policies to protect users and allow for further growth at greatly reduced risk. During this time, we have taken the time to update our user interface, which has a new dark mode.

After an incredible amount of hard work by our Team and Community, we are Very pleased to announce a Re-Opening time for SafeTrade, as agreed upon in our Team Meeting today:

SafeTrade will Fully Re-open at 7:00am, UTC, Jan 21 (12 hours from now).

Your patience and cooperation is appreciated, our entire team is working very hard these next 12 hours to ensure the best possible open.

Which is planned as follows:

  1. All order books will be cleared
  2. Funds will be fully available in Accounts
  3. Deposits and withdraws will be fully functional (Auto-Withdraw limits will be displayed, in accordance with Cold Storage policies)
  4. Trading will be fully enabled

Thank You for Your Support

I know I speak for the whole SafeCoin and SafeTrade team when I say that the support we have received from the community over the last 10 days or so has been overwhelming. We appreciate your patience and loyalty throughout this incident.

The SafeCoin team has always made transparency a priority, and we pride ourselves on being public about who we are, however there was a number of things that we could not publicly announce after the attack because of security reasons.

We hope you like the improvements we have made to SafeTrade. The exchange is more secure and the user experience has been enhanced in a number of ways. Be sure to check it out.

Thanks for reading.

Kevin

About Kevin Muldoon

Kevin Muldoon is a cryptocurrency enthusiast who has been working online since 2000. He is known in the cryptocurrency world for his YouTube channel "Kev's Crypto Channel".
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