Community Update: Steps to Address Recent Incident on Phantasma

Dear Community Members,

We want to provide you with an update on the recent incident causing node downtime on Phantasma and outline the steps we are taking to address this issue and prevent future occurrences. Our team is committed to ensuring the security and integrity of Phantasma, and we appreciate your patience and support as we resolve the current situation.

  1. Chain Code Update: We have updated Phantasma’s chain code to operate in a read-only mode. This means that all new transactions will be automatically reverted to prevent any unauthorized activities. Additionally, the address associated with the incident has been blacklisted. All funds in the address have remained static and can never be transacted. The situation has been contained – no tokens from the wallet in questions have reached any exchanges, and they never will.
  1. Assurance to Token Holders: We want to assure all token holders that zero additional tokens will enter into circulation as a result of this incident. The situation has been fully contained, and there will be no consequences for any current token holders. Our priority is to maintain the integrity and value of your holdings.
  1. Peer Review Process: We are in the process of submitting a Pull Request (PR) for review. This step is crucial to ensure that all changes and updates are thoroughly vetted and secure.
  1. Read-Only Chain Launch: In the interim, we will be launching Phantasma in a read-only mode. This is a temporary measure to demonstrate our progress and commitment to security. We expect this read-only phase to last 24-48 hours only. We are fully aware of the inconvenience that any extended downtime would have for our community members and token holders, and we are working tirelessly to minimize this period.
  1. Code Review: Our team is conducting a comprehensive review of key code contributions to Phantasma. This is to ensure that no other gaps are found and to maintain the highest standards of security and integrity in our codebase.
  1. Resuming Full Operations: Once we have completed the above steps and are fully confident that the situation has been resolved, we will update the chain to resume active operations.

We understand the importance of transparency and communication during this time. Rest assured, we are taking all necessary steps to address this issue and strengthen Phantasma against future vulnerabilities.

We will continue to provide updates as our work progresses. And to reiterate once again, and reassure our community: Zero additional tokens will, or have entered the circulation supply. Once alerted to the situation, it was contained very quickly and efficiently, with no loss of funds and no actual damage caused.

Thank you for your continued trust and support.

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