Why are $PAC exchanges in maintenance?

Why are $PAC exchanges in maintenance?

Dear $PAC community,

Firstly, let us apologise for not publishing an official statement on the current exchange issues sooner, part of our due diligence process when making announcements involves a lot of fact checking to ensure you get the most up to date information instead of making rushed announcements that contain half of the story.

At the time of writing, $PAC’s top 3 exchanges in terms of daily volume are currently in maintenance, this includes Cryptopia, Yobit & CoinExchange. Whilst we appreciate this is a frustrating time for anyone who may have coins on any of these platforms and are unable to withdraw them, we are confident that there are no security risks that could cause the loss of your coins, provided you leave them in the exchange wallet until they re-enable withdrawals, we are confident that your investment is safe. As always, we would encourage everyone to move your coins into one of the official $PAC core wallets available at www.paccoin.net/wallets at your earliest convenience, our wallets are a safer option than leaving your coins on an exchange where you are left to the mercy of their wallet team.

Why are the exchange wallets in maintenance?

At this stage we are unable to narrow down one single reason as to why our exchange partners have disabled deposits and withdrawals on $PAC. However, they will have done so for the safety and benefit of their users, we have no reason to believe any malicious intent is causing these lock ups.

We are in constant communication with the relevant departments of our exchanges to ensure a speedy resolution to the matter so you can retrieve your balances and continue trading. In most cases the $PAC dev team has given the exchange teams all relevant information they have asked for in pursuit of a resolution and we are waiting on their teams to conduct the checks and updates necessary to resume normal functionality to their platform.

Cryptopia specifically, are in the process of moving more than 70+ coins (not just $PAC) onto newer, more secure infrastructure that will give long term benefits to their users and as such, there is a backlog of coins waiting to me migrated. We do not have an accurate time frame in which $PAC will be live again on Cryptopia, we trust their team is moving as fast as possible and we will continue to communicate with them and share updates as they happen with you.

Improvements and a stronger payment network

Our dev team is close to releasing a new update to differentiate $PAC from its competitors and implement some new security features that will allow our exchange partners to open $PAC back and not only that but considerably reduce any future chances of our exchange wallets going into maintenance in the future. We are targeting to release this update in the first half of December, if not sooner.

Much like how when the recent TX (Transaction) attacks occurred on the network, the entire $PAC team initiated an ‘all hands on deck’ approach to providing a solution, the same methodology applies here with this latest exchange problem.

The $PAC network will be even stronger after this major code release and will allow $PAC to scale faster as a premium payment network within the cryptospace.

Thanks for taking the time to read our update, please share this with your fellow $PAC community members so that they are aware of our intentions moving forward.

This Post Has 3 Comments

  1. Great abstract, thanks for sharing this. Keep going like this

  2. Is there an expected time frame to resolve the issues?

    1. As quickly as possible

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