Vitex Update - how Vitex works and their storage wallets

#1

The way Vitex works it is they tokenize all cryptos they have on exchange. So in the beginning, about a year ago, when we started with them they created a buffer of 3 million tokens that was split into two 1.5mil chunks to accommodate future deposits and withdrawals.
Ten months later, as Epic Cash supply on Vitex neared 3 mil, they created another 2mil buffer.
Few weeks ago, as the actual Epic Cash volume went up more, they added 2mil to the buffer.
And so on…

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The 3 highlighted accounts below are vitex hot and cold wallet buffers that are not part of the DEX.
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So as of last night, Epic Cash that belongs to end users on Vitex looks to be around 6.3 Mil
Haven’t looked at it today, but this info is open so anyone can do this - https://vitescan.io/token/tti_b9d622c68d486aa107a38a16
Again, we are looking into it, Vitex engineers are looking into this. But in the meantime, ANYONE spreading FUD, Trolling, or engaging in baseless speculation will be BOOTED - this project and community are not a stage for attention whoring.
By the way, this tokenization approach and use of hot and cold wallets is not unique to Vitex - its done for security and scalability

1 Like
#2

:green_circle: LAST UPDATE

FROM DEV TEAM: Confirmation of Range Proof Buffer Overflow

We recently received confirmation that our chain was affected by the recent critical vulnerability event originating from our inherited grin code.

Currently, Todd, Rehrar (Diego), David Burkett, Reuben Yap from Firo are all plugged in helping us take the right forensic and remedial steps. Big thanks to Blacktygr, Rao Chen, and other contributors who helped piece together the mystery of #dumpgate.

:warning:WHAT IS HAPPENING

  • https://github.com/mimblewimble/grin/issues/3605
    This is our bug issue on Grin github, it’s already :green_circle: FIXED, both GRIN and EPIC team react immidietly, and from 18 March with new server version 2.13.0 problem is solved.

  • Now dev team with help from other MimbleWimble specialist are investigating damages done by exploiters and looking for block height where it’s all started

  • We know for sure there is damage, and will have to deal with it as always - together

  • Solutions that are discussed now:
    :small_blue_diamond: Rollback the state of whole Epic-Cash chain to state before exploit (all mined, bought coins or any activity will be reversed * details are not clear, to be announced)
    :small_blue_diamond: ECR compensation for those who bought ‘fake’ EPIC on Vitex
    :small_blue_diamond: Adjust emission schedule and inject ‘fake coins’ to our system, by cutting the mining rewards (total supply will remain 21,000,000)

:heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign: :heavy_minus_sign:

OLDER VERSION:

  • For past week there is ongoing big sell volume on Vitex
    https://x.vite.net/trade?symbol=EPIC-001_BTC-000

  • https://vitescan.io/token/tti_b9d622c68d486aa107a38a16
    here we can track balances of EPIC-001 token holders on Vite chain.

  • We don’t know if some of wallets with balances more than 1,000,000 EPIC are users wallets, or more like cold storage / design solution of how Vite works.
    :green_circle: UPDATE: confirmed, that couple high balance accounts are used by Vitex as reserves and are not coins in circulation`

  • Possible figure responsible for this dump is CITEX exchange

  • Another possible scenario is some big whale playing ‘god’ on market, creating huge volume by filling own orders (technically possible, as long as there is fee paid transaction is executed)

  • Our chain is not spoofed, there is no coin printing whatsoever, Maths is fine, any problems we facing - if any - are human factor.
    :red_circle: UPDATE: This one is actually happening, investigation in run

  • Foundation coins are not sold, we talking about providing some transparency and visibility to those funds, as our blockchain by design is not revealing any details.

  • Any calculation and tracking can be done only on VITE TOKEN EPIC-001, it’s emitted on their transparent chain which is also secured by PoW algorithm, but you can’t track anything on our native chain, thus image we see is blurry and conclusions are mostly guesses

`blacktyger