Firo Decides on Fate of Recovered Funds

Firo recently announced a poll to decide the fate of the recovered funds from a bug accident last year.

The poll was published by Reuben, the project steward for Firo, who listed out several options to determine the fate of the recovered funds. Members of the Firo community are to vote according to how they want the recovered funds to be used.

The options include destroying the funds, dedicating it to a community fund or a general development fund, or using the funds as an inventory to provide liquidity on exchanges. Overall, the fate of the recovered funds will be determined by the outcome of the poll.

About the Bitcoin Incident

On the 14th of August 2020, a Bitcoin CVE-2018-17144 incident happened to Firo. There was a bug from the CVE which enabled a rogue miner to create extra coins. Though most of the coins were mitigated, some were able to hit the exchanges before the Firo team succeeded in locking it.

When this happened, the team disclosed the information to the general public right away. At this time, the market had already absorbed the coins and even priced them in. The Firo team, however, has made a good head start on recovering a good amount of the coins sent to the exchanges. According to the poll, up to six figures in Firo have been recovered.

While disclosing the news, the Firo team stated their request for the burning up of the additional coins from the supply. The exchange that returned the funds expressed their indifference concerning the burning of the funds, despite the request from the Firo team. To ensure transparency and accountability, the team also choose to take a public poll to decide the fate of the recovered coins.

Rounding up the figures to two decimal points, the total amount that was forged is 384,400.82, while the identified forged amount sent to exchanges was 161,664.24. About 49,466.72 has been left unaccounted for while the total amount that has been locked in code is 173,269.86.

More Info

Judging from the replies of the community members on the poll, a majority of the members have voted for the burning of the recovered funds. Reuben expressed his satisfaction concerning the results of the poll.

“Super proud that the poll thus far indicates the community is supporting the decision to burn $FIRO. $XZC Long term trust over short term gain,” he tweeted.

In October 2020, Zcoin, a privacy-oriented digital currency, announced a rebranding of its name and ticker to Firo (pronounced as Fee-Roh) and XFR, respectively. According to reports, the name change became effective on the 30th of November. This was also when the mainnet binaries for Lelantus were be released.

As of the time of publication, Firo price was $3.30 with a 24-hour trading volume of $6,706,026. FIRO price also went up 1.8% over the last 24 hours. Firo also has a circulating supply of 11.4 million coins and a max supply of 21.4 million. Binance is the current most active market trading the crypto.

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