We are currently drafting a larger update about TRBO's future and the development of the Moments Market platform (teaser: it's almost ready for public eyes).
But as we reflected on the date today and realised that exactly a year has passed since the Cryptopia hack, wanted to bring the saga to a conclusion.
If you are reading this you probably already know that Cryptopia was TRBO's (well, TurboStake's) key exchange and source of volume and fame. So the hack not only left so many people without their TRBO and other funds, it also briefly crippled TRBO as a coin. We've since slowly rebuilt and now have several viable exchange options and a bright future ahead.
We said back in July last year that:
We allocated the equivalent of 48,000,000,000 TurboStake to the Cryptopia swap fund*, which equates to 177,121,771 new TRBO
&
Cryptopia fund – will be held in a securely stored offline/cold wallet. Should funds be released by Cryptopia before September 30th 2019 we will work with any holders to swap their funds, the remainder of any unclaimed TRBO being burned after one further month by October 30th 2019. If Cryptopia has not released funds by September 30th 2019 the entire wallet will be burned.
The deadline above passed and we waited a little while longer, because we heard there were new updates coming from the Liquidators Grant Thornton. And "updates" have come, and as expected they basically indicate the same thing. That if any funds are ever recovered and distributed to users, it will not be for a very long time - we would be surprised if anything along those lines happened in 2020.
So as of today we are drawing a line in the sand and saying that unfortunately, as far as the new TRBO is concerned, any old TurboStake lost in the hack are lost forever and we will not swap them. If you were one of those affected you have our sympathies, most of the team also lost funds of one kind or another that we never expect to see again.
As of January 21st (7 days from this post) we will take down the old TurboStake explorer (which will be replaced with a backup new TRBO explorer to provide contingency in the instance that CoinExplorer fails).
As for the plan to burn the fund, we are re-considering this along with the management of the entire development fund outline previously. As ever we will consult the community and do what is best for TRBO overall, as we always have done.
~Your TRBO Team~
