Well this is a bitter return, one of the major cryptocoin exchanges just announced it will be making it’s return after a “few” issues are fixed. Being solvent then involvent, safe then hacked, Cryptorush just launched it’s new website redesign as well as some new informations regarding it’s future.
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The website showcases a static front-page, with an almost clean design, yet it’s still a bit heavy. No flat elements are in sight, so the main theme is rounded, from fonts to graphic elements. The market page will be interesting to see, since it’s the main focus of the website and the service.
Debt Management System (PDF)
Yes, this is what we have been looking for. Vital informations from the past showing how flawed the entire platform was and what we should expect.
The CryptoRush Shares Plan was flawed
The previous plan was to convert market pairs that were insolvent to CryptoRush (CRS) sharesand pay out CRS to our customers for compensation. This was an original plan, but it unfortunately did not account for two critical flaws: 1.We would be flooding the CRS market with many shares. 2.This would essentially be transferring CryptoRush debt to share holders.
Reimbursements via script
The old database will be frozen, wallets and balances from every account on the previous platform will be kept in safe storage for later auditing (and thus allow us to determine our exact debt per customer). Once our auditing process is complete, we will begin the use of an automated daily payout script. This script will take the owner’s share of CryptoRush profits from generated fees and pay users according to what is owed to them. More important: With the above plan we will be able to regain control of trading, liquid wallets and speed the process to recovery. It’s important to note thatsince we won’t be converting in CRS,that market will be left alone as is. This also means that CRS payouts will continue to be paid out to our users. Clients that are marked for refunding will receive their funds in the form of BTC and LTC from the pockets of the owners.
Safety in the future? Insurance fund!
Unfortunately attacks of this nature occur every day in this field, which is why we believe strongly a new pro-active approach is required by all trading platforms. From this point forward 5% of total revenue in fees will be transferred to a special insurance fund that will secure our position in the future regarding possible attacks against our infrastructure. Being able to guarantee our customers deposits in the form of a cold storage insurance fund will ensure CryptoRush stands out from the competition.