On March 23, 2022, the VSOL project party was attacked by hackers, which led to the issuance of a large number of tokens and seriously disrupted the normal market. In this case, the VSOL market could no longer function as a normal market. In order to protect users, we stopped VSOL trading, and will provide compensation to users according to the average price one hour before the trading was closed.
The following is the sequence of events:
On March 23, 2022, the VSOL project was attacked by hackers, and the VSOL futures issued a large number of tokens. During this period, some users took advantage of the project party's loopholes to perform multiple on-chain transfers and then rolled back transactions at a block height of 479,603. The total additional issuance amount is 6,567,265,071.06087 VSOL, approximately equivalent to 1.3 million USDT. After that, the hacker dumped the tokens and caused many users’ loss.
As soon as the incident was discovered, XT.COM immediately contacted the VSOL project team for communications many times, asking them to compensate users who suffered losses due to the hacking incident. Although our platform staff have made a detailed explanation with the VSOL project team, they have never responded positively to the incident, and refused to compensate the users who have suffered losses. There are still problems with the futures address of the VSOL project party. They showed negative attitude and refused to compensate and even maliciously induced users to attack the staff of XT.COM.
Subsequently, XT.COM suspended the VSOL deposit and VSOL/USDT trading functions and continued to communicate with the project party to protect the rights and interests of users. As of the date of the announcement, XT.COM has not received any positive response and solutions from the VSOL project party.
XT.COM, as a trading platform dedicated to providing premium services for global high-quality digital assets, always puts user rights and interests first. In this VSOL incident, XT.COM also positively communicated with the project side, trying its best to recover the losses of users to the greatest extent.
Summary: The VSOL team ignored the existence of loopholes in the project, and were unwilling to be responsible for users’ losses caused by loopholes. After the VSOL chain is attacked by hackers, they passively avoided problems and their maliciously slandering of the reputation of the platform and harassing of our staff during the negotiation process between the two parties have seriously violated the spirit of the blockchain. XT.COM severely condemns this behavior and delists VSOL tokens in order to protect the interests of platform users and will compensate the affected users.
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May 17, 2022
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