Crypto Markets Update
A lot has been happening in the Crypto markets, and prices are going up quite fast lately, but given the circumstances we will keep this newsletter short and to the point. Starting next week, the regular structure of the newsletter will continue, including markets analysis, and more trivial events.
StakeCube in Numbers
Undeniably, what happened a week ago has been a pretty significant setback. However, most voices in the community have asked us to continue working on StakeCube, and that is what we’ll do. Now, a long rebuilding process will take place. The only way from here is up.
- User Count: 154,254
- Pool Value: 35.59 BTC
- SCC Price: $0.0328
- SCC Market Cap: $396,577
- Daily Exchange Volume –
- Daily SCP Transactions: 20
Wallet Addresses Changed
Starting on Monday the 23th, and for security reasons, all deposit addresses will change. Please make sure to double-check your address before making a deposit.
We have now finished the process of verifying how much remains in our wallets for affected coins. Find below a table summarizing where the coins are, and how many are missing.
As you can see, most of the BTC and DOGE is missing, while DASH was not so severely affected.
Rebuilding Work Done
This is a summary of the tasks we have done over the last week to stabilize the situation and to put is in a place where we can start thinking about a recovery plan.
- Increased security and changed passwords/logins. Oleg had personal access to every aspect of StakeCube, and we have had to change all passwords, logins, and everything needed so that he does not have access.
- Double checking coins in wallets vs database values. We have now finalized the process of checking what coins are remaining, and double checked them against the database values.
- Created a Community Council. Many users have manifested that they want to help us organize the recovery process, and everything needed to keep StakeCube going. For this, we have created a special channel on Discord so that we can exchange ideas with the community, and plan our next steps together.
- Created an overview of all expenses and taken action to lower them. In order for StakeCube to continue running, we need to be able to pay all expenses using the money we collect through fees and other revenue sources. Because of this, we have taken action to eliminate all unnecessary expenses, such as unused servers, etc.
- Added new revenue sources. In order to be able to afford our expenses, we have now added ads on the website, and are looking at other options to generate extra revenue such as installing masternodes with reserve funds owned by StakeCube.
- Moved all affected coin balances that users owned on the 13th to a “held balance”. This held balance represents the amounts StakeCube owes the user, which will have to be somehow compensated for through a recovery plan.
- Increased exchange fees while reducing them with bonus. In order to be able to afford our expenses, we have increased exchange fees from 0.1% to 0.2%. However, in order to reward loyal SCC bonus program holders, fee reduction per SCC masternode has been increased from 0.005% to 0.01%.
- Created a donation page. By request of many community members, we have crated a donation page so that interested users may help us recover: https://stakecube.net/app/donation/
- Paused V3 development. V3 development has been halted for the moment while we focus on balancing our budget again, and designing a recovery plan.
- Removed all open orders on the exchange and restarting it. We felt that it would be unfair to restart the exchange without first removing all orders, in case some users accidentally buy or sell coins at prices very far from the current ones.
- Paused NodeCube payments. NodeCube payments have been paused until the 25th of this month. They will resume again after that. We expect that by that date, we will have figured out the existing user balances for affected coins.
There is still a lot we have to do before we can continue running StakeCube as before. These are our current plans for the next days/weeks:
- Find new revenue sources. In order to generate more revenue, we’re considering adding paid surveys and collaborations with other projects.
- Further review of expenses. There might still be a few ways in which we can cut expenses, we need to examine all options.
- Fixing negative ETH balances. The process of returning the ETH from staking did not happen as was intended, resulting in wrong balances for some users. No ETH is missing, but we need to adjust balances in such cases.
- Enable ETH trading pairs. Once ETH balances are correct, we will reopen the ETH trading pairs.
- Make horizontal banners vertical, once enabled by ad provider.
- Finish the checks to ensure we have the correct numbers of all coins.
- Improving admin tools to ensure that the team gets a full picture of all accounts and wallets. This ensures that team members would be aware in case there is a discrepancy between database amounts and wallet amounts.
- Optimizing workflows to increase efficiency and save time.
- New features and coin listings for BotCube.
- Restarting the Earn service, and adding a fee to it. Fees on the Earn service will help us cover expenses. The fee will likely be a small percentage of the rewards generated.
- Creating a new API so that mining pools can more easily integrate with StakeCube.
- Continue the design of a recovery plan, while consulting with the community.
- Release the amounts still in our wallets for affected coins.
But What About…
We understand that this newsletter has not answered all of your questions, as there is still a lot to resolve in the coming days. However, feel free to reach out to us through our social media for some answers. We are committed to being transparent, and will give you any information that we have at the moment. As events unfold and we continue our plans, we will also publish on this newsletter everything that we are doing and all new information that comes our way.
Wallet Maintenance News
Previous version: 188.8.131.52
New version: 184.108.40.206
This is a mandatory update. Masternode changes, sporks and other changes.
Previous version: 220.127.116.11
New version: 18.104.22.168
Hotfix version to resolve previous issues with 18.2