As you are all aware the Pirl network suffered a 51% and Double Spend attack, which was mitigated shortly after it was discovered. However, during the week prior to discovery, the attacker managed to double spend 1,961,500 PIRL and deposit them across multiple exchanges, mainly Cryptopia.
Now that Cryptopia has concluded their audit, there are two paths forward to get the market reopened:
Even though the majority of the Dev Fund have not been spent, we still do not have enough to cover the 1,961,500 PIRL deficit caused by the attacker and forcing the community to pay for the attacker’s actions is not an option. As such, the only viable option for us at this stage is to create the reimbursement coins with the fork that will recover the attacker’s funds and help prevent future attacks of this type.
We want to do this completely transparently and allow everyone to monitor the creation and transfer of the funds back to Cryptopia. The funds will be created in complete transparency through a superblock, which will zero the 825 000 Pirl found in attackers possession and add the 1,1 million PIRL that was already maliciously sold to the Pirl community on Cryptopia.
The 1,961,500 PIRL that was double spent has already impacted the market by being sold on Cryptopia, this Superblock will not be adding to inflation, it will actually lead to a deflation of the 825,000 PIRL that will be recovered from the attacker.
To explain how this is not adding inflation, it should be added that due to the changes to the difficulty algorithm done with block 2,000,000, the intended blocktime of 13 seconds erroneously went from 13 seconds to 18 seconds since then. This difference in the blocktime after its implementation from 13s to 18s we have generated 142,734 blocks less than we would have. Which is 1,427,342 PIRL deflation over the period since block 2,000,000
Pirl has met many challenges in the past year, we have overcome everything and not only survived but thrived with new technology and features development. This is just another step on our rough journey, and we must make it, together as we always did.
The PIRL Team